1.In a short paragraph, define the termelasticityin terms of supply.Then describe the different types of elasticity(elastic, inelastic, and unitary)and how they differ from each other. Finally, give one example of an elastic good and one example of an inelastic good.

2.In a short paragraph, explain what a price is. Tell why prices are important to the economy. Then, give one consequence of a price that is not in equilibrium. (What would the result be)