Question: Question 1. Explain the difference between point elasticity and are elasticity? What problem can arise in the calculation of the latter, and how is it

Question 1. Explain the difference between point elasticity and are elasticity? What problem can arise in the calculation of the latter, and how is it usually dealt with? In actual business situations, would you expect arc elasticity to be the more useful concept? Why or why not

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2. Describe a situation from your own everyday life where it is clear that the situation in its consequence becomes the way you define it.

5. What do we mean when we say that social facts are mental constructions? Explain this with an example from your own everyday life.

4. What is meant by the following statement, What we take for granted in a social situation may actually prove to be mechanisms that govern how we evaluate and act in the situation?