5) You're the owner of a shoe business. Explain how both the laws of demand and supply are integral in how much consumers will pay and how much you are willing to sell at a prescribed price. Illustrate a supply and demand schedule as a supplement to your explanation.

I. From your demand curve, label a series of prices and quantities explaining the elasticity ranges along the curve. Then, calculate three elasticity points along the graph explaining their "meaning" to accompany the illustration.

After defining and calculating elasticity, provide a total revenue schedule and describe how and why revenues increase, decrease or remain constant based on the elasticity of demand.

II. Explain what factorsspecific to your marketcontribute to the elasticity of supply concerning your product/service. Provide an analysis with a supply curve illustration.