а і Data response question: demand for Strovers' wrapping paper Strovers is a small company which produces gift wrapping

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а і Data response question: demand for Strovers' wrapping paper Strovers is a small company which produces gift wrapping

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а і Data response question: demand for Strovers' wrapping paper Strovers is a small company which produces gift wrapping Use the information in Table 3 to draw the paper. It operates in a competitive market with a high demand curve for Strovers' wrapping paper. [3] number of other companies. Table 3 shows the demand ii. Explain what this curve indicates. [2] schedule for Strovers' wrapping paper based on the bi Define price elasticity of demand. [2] m's research ii Use the information in Table 3 to calculate the Table 3: Weekly demand price elasticity of demand for Strovers' wrapping schedule for Strovers' paper as the price falls from £2.40 to £1.80. [2] wrapping paper iii Comment on the degree of price elasticity of Price Quantity demanded demand you have found. [3] per roll (£) (number of rolls) C Explain what use Strovers' can make of the PED 4.20 500 estimate you calculated. [4] 3.60 1,000 d Discuss two factors that could shift the demand curve 3.00 2,000 for Strovers' wrapping paper to the right. [4] 2.40 4,000 1.80 7.000 1.20 9,000 0.60 10,000
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