Question: 1. How changes in demand and supply curves affect equilibrium and what we can predict about the new equilibrium price and quantity with certainty. 2.

1. How changes in demand and supply curves affect equilibrium and what we can predict about the new equilibrium price and quantity with certainty.

2. what is Price elasticities in short/long run and relationship with durability of the product.

3. Relationship between price elasticity of demand and total revenue.

4. Price elasticities of demand and supply and how it affects tax burden.

5. How price ceiling/flooring affects consumer surplus, producer surplus, and deadweight loss.

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It would be great to provide a example for all question

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