1. Graphically illustrate an elastic & an inelastic demand curve. What impact does price have on each demand curve. 2. O

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1 Graphically Illustrate An Elastic An Inelastic Demand Curve What Impact Does Price Have On Each Demand Curve 2 O 1 (62.61 KiB) Viewed 12 times

1. Graphically illustrate an elastic & an inelastic demand curve. What impact does price have on each demand curve. 2. On the table on p. 122/127, calculate the percentage change in Quantity & Price. With those percentages determine the elasticity of demand for Quantity 1 & 2,7 & 8. Also, compute the total revenue test and indicate what happens to TR with elastic demand & inelastic demand. 3. List and explain the four determinants of demand elasticity, p. 123/128. 4. Discuss the impact that elasticity has on the decriminalization of illegal drugs, p. 125/130. 5. Graphically describe the three time periods, p. 127/132, included in explaining elasticity of supply. What is the impact on Price and Quantity in each of those time periods. 6. Answer Review Questions #2 and #4 p. 133/150. 7. On p. 180/187, define the terms in all eight columns. Explain how each is calculated. Also, graphically illustrate AFC, AVC, ATC, and MC. describe how each curve behaves & why. 8. Differentiate between explicit & implicit costs. Provide an example of each cost. 9. Differentiate between the three types of profit. Provide an example of each type of profit. 10. Answer Review Questions #3 and #6, p. 194/200. 11. List & explain three economies of scale, p. 187/194. and explain the main factor causing diseconomies of scale. 12. Graphically illustrate the three possible long run ATC p. 188/194. What industries would be described by each of the ATC, base of p. 189/195. Explain the reason why such curves would exist for each industry.