10. What is the formula for calculating elasticity?

11. What is the price elasti

10. What is the formula for calculating elasticity?

11. What is the price elasticity of demand? Can you explain it in your own words?

12. What is the price elasticity of supply? Can you explain it in your own words?

13. Describe the general appearance of a demand or a supply curve with zero elasticity.

14. Describe the general appearance of a demand or a supply curve with infinite elasticity.

15. If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or on price?

16. If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on quantity?

17. If supply is elastic, will shifts in demand have a larger effect on equilibrium quantity or on price?

18. If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on quantity?