• List the factors that influence price elasticity of demand.
• Explain how changes in supply impact market equilibrium.
• Determine whether a good is inferior or normal using income elasticity of demand.
• List the factors that influence price elasticity of supply.
• Explain how changes in demand impact market equilibrium.
• Determine the impact of price controls on economic welfare using the supply and demand model.
• Explain the difference between price ceiling andprice floor.
• Explain how a change in a labor supply determinant impacts labor supply.
• Analyze the relationship between elasticity and tax burden.