• Based on the outcome of the simulation, was the sale price you set the same as the equilibrium price? Refer to thesupply and demand modelto explain why they might be different.
• Imagine that you own your own business. How would price elasticity of demand impact thepricing decisionsof your business?
• What are thedeterminants of price elasticityof demand? Identify at least three examples.

SELLER Market Closed My Summary Orders Transactions Unit Cost Price Prot 1 $0.50 $1.1? $0.67 2 $0.?5 $1.11 $0.36 3 $1.00 $1.13 $0.13 Total Prot: $1.16 \fSELLER - Market Closed My Summary Orders Transactions Price Buy Bid# Sell Bid# Time $1.29 15 24 00:33 $1.21 12 25 00:34 10 00 0 $1.17 27 28 00:41 $1.15 17 32 00:44 10 $1.11 21 35 00:49 11 $1.13 41 42 01:01SELLER Market Closed My Summary Orders Transactions 1 6 $1.49 Sell FILLED 00:01 2 7 $0.?6 Buy CANCELLED 00:01 3 9 $1.33 Buy CANCELLED 00:02 4 9 $1.34 Buy FILLED 00:04 5 3 $1.45 Buy FILLED 00:06 6 4 $1.45 Sell FILLED 00:06