Exam (elaborations)
AQA-Z MANAGERIAL ECONOMICS EXAM QUESTIONS AND ANSWERS 2025/2026 UPDATE WITH COMPLETE SOLUTIONS (GRADED A+) DETAILED ANSWERS!!
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General determinants of demand - Normal vs. inferior goods Substitute and complementary goods Other determinants, such as income, demography preferences, fashion Range of possible elasticities - E=0 - stiff demand E<1 - inelastic demand E = 1 - unitary-elastic demand E>1 - elastic demand E -> inf - infinitely elastic demand Determinants of elasticity of demand - Character of good Availability of substitutes Budget share - the higher the share the higher the elasticity Time od adjustment The broader a good's definition, the lower is elasticity
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aqa z managerial economics exam questions and ans
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