Must be handwritten

COMPLETE THE GRAPH Figure 11.1 Figure 11.2 1. In figure i1.1, label the axes and then draw a demand curve for a good that has a perfectly elastic demand 2. In figure 11.2, label the axes and then draw a demand curve for a good that has a perfectly inelastic demand. COMUTE THE TABLE BELOW BY CALCULATING THE PRICE ELASTICITY OF DEMAND ade 96age Price 1. Answer the following questions: Change in Change in Elasticity a. What row has the most elastic demand? Price Quantity of What row has the least elastic demand? Demanded Demand 2. Suppose the price-elasticity of demand for oil is 0.3. If the A 5 10 quantity of oil decreases by 6%, what is the effect on the 4 price of oil? C E O D on 6 3. What does it mean when the demand for a good is elastic