IN an experience or example that shows the "real world" application of each of the following. concept. Define the terms in your own words and use examples that clearly demonstrate your understanding of each a. The Law of Demand and the Law of Supply ( / b. The Law of Diminishing Marginal Utility (_ 15 ) 15 ) c. Normal Goods and Inferior Goods ( 15) d. Consumer's Surplus and Producer's Surplus (_ 15) 2. Supply and Demand Worksheets . Complete the study guide entitled "Demand and Supply Study Guide" ( 15 ) . Complete the worksheet entitled "Demand and Supply Practice"(_ /15) 3. Government Intervention: a. Draw two separate graphs for a binding price ceiling and a binding price floor and show what happens to Vb . consumer surplus, producer surplus, and deadweigh loss after the policy. ( 15) The government often uses excise taxes, called "sin taxes," to manipulate consumption of cigarettes. Draw and label the shift from a tax. Identify the new price consumers pay, the price producers receive, the amount of tax revenue consumers pay, and the amount of tax revenue producers pay. Lastly, EXPLAIN why it is unlikely that this tax will significantly reduce cigarette consumption. ( /5) 4. Practice FROs. Applying S&D Analysis a. Practice ERQs. THESE WILL BE GRADED IN CLASS ( (20) b. Assume the following: The demand for all computers is price elastic. Laptop and desktop computers are substitutes. Laptops and DVD burners are compliments. Using three separate S&D graphs (laptops, desktops, and DVD burners) to show the impact of a change in technology that improves only the production of laptop computers on the following: ( /10) i. Price of laptop computers v. Output of desktop computers ii. Output of laptop computers vi. Price of DVD burners iii. Total revenue of laptop vii. Output of DVD burners computer producers iv. Price of desktop computers 5. Elasticity (_ 15 ) a. Give three reasons why the demand for some goods are elastic and others are inelastic. In your response, define elasticity and inelasticity and give examples of each. Lastly, EXPLAIN how the total revenue test can be used to determine if a demand curve is elastic or inelastic. Use two graphs with numerical examples in your response. ( _ 15) b. Explain the different between cross-price elasticity of demand and income elasticity of demand. Explain the different between positive and negative coefficient values for each. Lastly, EXPLAIN an example of a product with elastic supply and one with inelastic supply (_ 15 ) ..I