1. Select a current economic issue confronting the Philippine business/economic sector today. Provide its background and give your comments.
2. Supposed that you are a businessman owning a sago't gulaman stand. There are three other stores nearby that sell the same product. In order to gain customers and create more profits, you are planning to decrease the price of one glass of sago't gulaman from P12.00 to P10.00. You asked your friend who is an economist to compute for the price elasticity of your product. The price elasticity is 0.87. Is your decision to decrease the price would result to more revenues? Why or why not?
3. How does the Law of Demand and Supply apply to teachers and other professionals? Explain.
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