Consolidation 1. For each of the following, explain what would happen to price, quantity and why. a. A new strain of wheat was discovered, which raised yield. b. The United Grain Growers organized an extensive advertising campaign c. The government implemented a tax on each unit of wheat sold. d. It was proven that a regular diet of flaxseed, rather than wheat, lengthens life. e. Consumers who turn down beef and pork are faced with rising prices for substitute protein products, such as eggs, cheese and poultry. 2. Is demand for the following elastic or inelastic? Why? a. Big Mac b. Salt c. Brain surgery 3. For each type of demand, identify a product and explain one reason for the demand: a. elastic b. inelastic c. perfectly elastic d. unitary elastic