1.What is the price elasticity of supply?

2.Describe the general appearance of a demand or a supply curve with zero elasticity.

3.Describe the general appearance of a demand or a supply curve with infinite elasticity.

4.If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or on price?

5.If supply is elastic, will shifts in demand have a larger effect on equilibrium quantity or on price?

6.If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on quantity?

7.What are the major determinants of elasticity?

8.In a typical market, are hamburgers elastic or inelastic? Why?

9.Calculate the following: P1=$3, P2=$2 and Q1=8, Q2=9

10.Calculate the following: P1=$40, P2=$41 andQ1=15, Q2=12