As the price elasticity of demand of a good increases, how would you describe how consumers probably feel about that good?

If supply is perfectly inelastic and demand is fairly elastic, how would the equilibrium change if there was an increase in demand?

Under what circumstance(s) would the consumers of a good want to buy a good more than producers want to produce/sell the good?

Explain what happens to total surplus when the equilibrium price increases?

Refer to Figure 4-2. What area represents the Increase in prcrclucer surplus 1when the market price rises from P1 to P2? {3: 3+1] {3 C+E GA+C+E @ma Refer to Figure 6-15. As price falls from Pp. to PE. the nuantit'yr demanded increases most aleng D1: therefore {3 D1 is unit elastic. {3 D1 is more inelastic than D; dr D3. {3 D1 is elastic at PA but inelastic at Pa. C) D1 is more elastic than D; er 03