1. According to the law of demand, what kind of books would tend to get the commemorative anniversary treatment, hard cover or soft cover versions of a book? Explain.

2. You are given the following demand curve: Q = 20 - 2P. Calculate the quantity demanded, the point elasticities at each given price, and the total revenue at the following points on the demand curve: where the price is equal to 3, 4, 5, 6, 7, and 8. Graph the demand curve and TR curve on the same graph. What is happening as one moves down the demand curve, cutting the price, as demand gets less and less elastic?