1. Describe when each of the following would happen:

a. Supply curve gets flatter:

b. Supply curve gets steeper:

2. Fill in the chart with the range values for the elasticity of each type of good.

\fVideo Games Swimming Elapsed time Marginal Total Marginal Total (in minutes) utility utility utility utility 30 20 30 60 45 22 90 63 10 120 78 4 150 83 00.8 0.7 0.6 0.5 Price 0.4 0.3 0.2 0.1 0 1000 2000 3000 4000 5000 6000 7000 8000 Quantity Quantity 1500 5000 Marginal value Total value Total revenue Consumer surplus