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THE FIRST QUESTION IN YOUR WORDS! 1. Consider two markets: the market for prescription blood pressure medications and the market for Kraft Macaroni and Cheese.

THE FIRST QUESTION IN YOUR WORDS!

1.Consider two markets: the market for prescription blood pressure medications and the market for Kraft Macaroni and Cheese. Which of these goods do you think has the moreelasticdemand? Explain your reasoning.

2.Suppose that at a price of $4.80, the quantity of output demanded is 15, and at a price of $5.20, the quantity of output demanded is 6. What is the elasticity of demand? (Ignore the negative sign.)

3.

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