3.What is the main advantage of using the midpoint method for calculating elasticity?
4.if the elasticity is greater than I is demand elastic or inelastic? If the elasticity equals 0,is demand perfectly elastic or perfectly inelastic?
5.on a supply-and-demand diagram,show equilibrium price,equilibrium quantity, and the total revenue received by producers.
6. If demand is inelastic how will an increase in price change total revenue? Explain
7. What do we call a good whose income elasticity is less than 0?
8.how is the price elasticity of supply calculated? Explain what it measures.
9.what is the price elasticity of supply of Picasso paintings?
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