10)What are the requirements for price discrimination? (4 points)

11)Define supply and quantity demanded. Illustrate on a graph how each would be shown. (4 points)

12)Calculate the price elasticity of demand if a 2.6 percent change in price of a product results in a 10.5 percent change in quantity demanded, and indicate whether demand is elastic, inelastic, or unit elastic. (3 points)

13)What are the possible outcomes for the long run supply curve? Under what conditions would each outcome occur? (6 points)