1. How much do buyers alter their purchases in response to a price change?

2. How do changes in the determinants of demand affect buyers?

3. How much do sellers alter changes in quantity supplied in response to a price change?

4. How do price elasticities of demand and supply interact?

5. List the goods you believe are price inelastic and price elastic and discuss why.

6. Why is Spam an inferior good and cognac a normal good?

7. List goods that are substitutes for and complements of each other, and discuss each group's cross-elasticity of demand coefficient.

8. Why is it harder to think of examples of inferior goods than normal goods?

9. Why do many economists ignore the negative sign when calculating the price elasticity of demand?

10. Discuss some goods that are better substitutes than others for goods. How does this affect the price elasticity of demand?

11. What is the difference between the point and the arc elasticity calculations for price elasticity?