Assignment Task

 


QUESTION 
2.1
Suppose you are the producer of spinach, carrots and beetroot and you are in a  position to decide at which price you will offer these products for sale. What will be  your pricing strategy for each of these products in order to increase the total revenue?  In your analysis you found that the price elasticity of demand for spinach is 0,4, for  carrots is 1,0 and for beetroot is 1,2. Explain your decision in each case. 
2.2 Develop and explain the traditional circular flow diagram and illustrate the  interdependence between the sectors.  

2.3 Use a diagram to explain how a black market can develop when the government  intervenes in the price mechanism by fixing .
 


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  • Posted on : April 15th, 2019

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