why different goods and services might have different price elasticities of demand

 

why different goods and services might have different price elasticities of demand
opics: a) Explain why different goods and services might have different price elasticities of demand. (12 marks) b) Discuss how information about price elasticity of demand can be used by businesses and governments. (13 marks) Use following form and a picture which in attachment to answers two topic questions Introduction Introduce the context (in reality or theoretically) Define key terms in the essay Define your stand (agree, disagree, to what extent, what should or should not be done) Body Explanation – Give an overview of the theory to be explained Elaborate on the theory, using diagrams, numerical illustrations, examples wherever applicable Point out assumptions, weak points of the theory (inability to explain certain behaviours or potential unintended consequences) Argument – Topic Sentence (the point you’re trying to make) Elaboration of your point, giving conceptual support and explanation Cite examples, real world evidence to support your point and the conceptual framework Evaluate the counter-arguments Conclusion Raise alternative prescriptions/policies/explanations Make a summary of your arguments and consolidate your stand Conclude the essay

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