Northwest mock advance level June 2021 economics 2
Northwest mock advance level June 2021 economics 2
Explain the following:
( i) Income elasticity of demand.
(ii) Cross elasticity of demand.
What factors determine the price elasticity of demand?
2. (a)
(5 marks)
(5 marks)
(b) (10 marks)
3. ‘ (a) With the aid of a diagram, distinguish between the economic optimum and the technical
optimum of a firm.
Identify and explain the main features of monopolistic competition.
(10 marks)
(b) (10 marks)
