Select an appropriate good or service. ‘Explain how internal and exrternal factors affecting the demand and supply of complementary and substitute goods for this product will affect the demand, supply and elasticity of your chosen product.’
In order to answer this question you will need to show understanding of the following:
Possible internal and external factors
Be able to appropriately graph economic relationships.
The importance of relative price in reflecting opportunity costs in the goods and services and factor markets.
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