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What is the price elasticity of demand? Can you give an example in your own words? What is the price elasticity of supply? Can you

  1. What is the price elasticity of demand? Can you give an example in your own words?
  2. What is the price elasticity of supply? Can you give an example in your own words?
  3. Who determines how much utility an individual will receive from consuming a good?
  4. Would you expect total utility to rise or fall with additional consumption of a good? Why?
  5. Explain the interaction of prices, budget constraints, and personal preferences in determining household choices.

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