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1. Think about the elasticity of demand and the elasticity of supply: . Would you usually expect elasticity of demand to be higher in the short run or in the long run? Why? . Would you usually expect elasticity of supply to be higher in the short run or in the long run? Why? 2. What is the equation for elasticity of demand? What does it measure? 3. Would you expect marginal utility to rise or fall with additional consumption of a good? Why? 4. In the labor-leisure choice model, what is the price of leisure? 5. Define marginal utility. What is this measuring? 6. What is the difference between accounting profit and economic profit? 7. What is the difference between fixed costs and variable costs? 8. Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not