Competitive Markets and Externalities SELLER - Market Closed My Summary Orders Transactions Unit Cost Price Profit 50.SO $0.De $0.75 $0.04 -$0.71 $1.00 $0.87 $0.13 Total Profit: -$0.76 End of Game 1 10 00:00 Fa Figure 2.1 Personal Payoff Personal Payoff Unit Price Cost Nuisance [per unit] Unit Price Cost Nuisance (per unit) $3.05 1.70 -40.20 $1.15 14,46 $1.70 10,13 2.63 134 0.20 3.97 #3.33 40.13 10.51 permit payoff $141 total nuisance $0.93 total nuisance car -10.60 Total $0.86 Total $2.20 End of Game 43 8 00:00 43 12 00:00[What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of the firm.] Some determinants of price elasticity of demand are substitutes, luxury vs. necessity, and narrowness of market. [Based on the results of the simulation, can policyr market interventions cause consumer or producer surplus? Explain why using specific reasoning.]