1. What is a "Normal" Good and give a simple example?

2. What is an "Inferior" Good and give a simple example?

3. What does this symbol mean to an economist ?

4. Explain Cross-Price Elasticity of Demand?

5. What would happen to quantity demand if the Government passed a large tax on Cigarettes or vapes? Please explain.

6. What doe perfectly elastic mean? Give Example and direction of slope.

7. What does Perfectly INelastic mean? Give Example and direction of slope.

8. What does Price x Quantity sold give us?

9. Are Luxury Items Elastic or Inelastic and Why?

10. Are Necessities items Elastic or Inelastic and Why?

11. If you owned the Mcdonalds in Salem and the City of Salem just imposed a 30% tax on Fast Food Restaurants . The surrounding cities and towns do not have a similar tax. What would you do in regard to product pricing and why.?