a. i. meaning and determinants of demand ii. demand schedules and curves iii. the distinction between change in quantity demanded and change in demand. b. Types of demand: Composite, derived, competitive and joint demand: c. Types, nature and determinants of elasticity and their measurement – price, income and cross elasticity of demand: d. Importance of elasticity of demand to consumers, producers and government.
Candidates should be able to:
(i) identify the factors determining demand; (ii) interpret demand curves from demand schedules; (iii) differentiate between change in quantity demanded and change in demand; (iv) compare the various types of demand and their interrelationships; (v) relate the determinants to the nature of elasticity; (vi) compute elasticities; (vii) interpret elasticity coefficients in relation to real life situations.
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