• Correctly explained the relationship between the price elasticity of demand and total revenue by using formulas and graphs.
• Correctly indicated if the price elasticity of demand or supply is more elastic over a shorter or a longer period of time.
• Correctly provided the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit.
• Correctly explained elasticity using empirical examples, formulas, and graphs.
• Correctly provided an explanation of the short term and long term by providing examples.
• Correctly provided the impacts of government imperfections (failures) on the price elasticities of demand.
• Correctly provided the impacts of government imperfections (failures) on the price elasticities of supply.
• Correctly provided how to alleviate the problem through supply. Correctly provided how to alleviate the problem through demand.
• Correctly provided the impacts of market imperfections (failures) on the price elasticities of demand.
• Correctly provided the impacts of market imperfections (failures) on the price elasticities of supply.
• Correctly explained the impacts of market failures on demand. Correctly explained the impacts of market failures on supply.
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