a) Mention FOUR factors, apart from price, that have an impact on demand for a specific commodity of your choice.
Question
Specify whether each factor mentioned is positively or negatively related to the quantity demanded.
b) Briefly discuss TWO factors that affect the price elasticity of demand and ONE factor that affects the price elasticity of supply.
c) Using marginal utility theory, explain why water, which is so necessary to life, is so cheap compared to diamonds.
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