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1. (a) Discuss the main types of elasticities of demand, and explain why estimates of these are important for business decision-making, and also for government excise tax policy. (b) This question refers to the below graph, which depicts a firm's cost and revenue situation. Costs and revenue MC per case 22 ATC 16 NOWA Demand MR 22 24 30 38 Quantity (cases) (i) What is the profit-maximising output level? Briefly explain your answer. (ii) What is the profit-maximising price? (iii) At the profit-maximising output level, how much profit (if any) will be the firm make? (iv) Does this graph most likely represent the long run or the short run? Why? (c) Explain the three main types of price discrimination, and use the concepts of consumer surplus, producer surplus and deadweight loss to evaluate the effect of price discrimination on firms and on consumers. (d) Explain how a profit-maximising fum decides how much labour and capital to employ in the short run. Your answer should include the concepts of marginal product and marginal revenue product. Briefly explain what influences a firm's decision of how much labour and capital to employ in the long run