Looking for original work to 2 discussion questions:
1). Please define the price elasticity of demand and give a real life example of a good with an elastic demand as well as a good with an inelastic demand.Suppose the demand function is Q=100-P, where Q is the quantity demand and P is the price. Please calculate the price elasticity at P=10 (by comparing it with a pair of price and quantity at P=20). Calculate the change in total revenue which is P times Q moving from P=10 to P=20. Repeat the same exercise for P=70 versus P=80.
2). Either: Explain the difference between a movement along a demand curve predicted by the Law of Demand and a shift of the whole demand curve or short termed as a shift or change of demand. List at least two factors that would change the demand and explain whether it will increase or decrease the demand. OR Explain the difference between a movement along a supply curve predicted by the Law of Supply and a shift of the whole supply curve or short termed as a shift or change of supply. List at least two factors that would change the supply and explain whether it will increase or decrease the supply.
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