1. The equation for a demand curve is P = 48 - 3Q. What is the elasticity in moving from a quantity of 5 to a quantity of 6? 2. The supply of paintings by Leonardo Da Vinci, who painted the Mona Lisa and The Last Supper and died in 1519, is highly inelastic. Sketch a supply and demand diagram, paying attention to the appropriate elasticities, to illustrate that demand for these paintings will determine the price. 3. Say that a certain stadium for professional football has 70,000 seats. What is the shape of the supply curve for tickets to football games at that stadium? Explain. 4. The equation for a demand curve is P = 2/Q. What is the elasticity of demand as price falls from 5 to 4? What is the elasticity of demand as the price falls from 9 to 8? Would you expect these answers to be the same? 5. Xavier's personal financial resources for vacation are $200 and a free coupon to an amusement park for a day. The park's price is $100 a day. His utility for day 1 in the park is 70 units of vacation happiness. For day 2, the visits generates 50 units of happiness. For day 3, it's 20. What is his total utility for all 3 days? What is his marginal utility for day 3