Question 3 Using the above chart answer the following questions : 1. What is the character of elasticity for these cookers between $ 50 and $70 2. As you move along the demand schedule for the cookers from $ 50 to $ 70 , demand is said to be ( elastic or inelastic ) . As you move from $ 110 to $ 90 , demand is said to be ( elastic or inelastic ) . State in the answer box the word that needs to be in the first set of brackets and then the word that belongs in the second set of brackets . 3. In this course we discussed the total revenue test . APPLY this test to explain why you selected the answered you did immediately above .

Question 13 How has the elasticity of demand for basic surgical masks been affected since the COVID -19 virus outbreak ? In your answer include the character of relative elasticity before the effect of the virus , and the relative character of elasticity in the months following the spread of the virus . From an economic perspective fully explain why the elasticity reacted the way it did .

Question 15 After the pandemic when concerts , sports , and ticketing events resume ; explain how the invisible hand will play a role in the Canadian marketplace . Identify what will drive this industry and their pricing decisions for events . What term used in Chapter 2 explains how the buyers and sellers will react in this market ?

11. The Law of Demand tells us that , all else equal , as price falls , the quantity demanded of a product rises , and vice versa . There are two explanations for this . One explanation relates to the income and substitution effects . Name and describe the other explanation using Crunchie chocolate bars to assist with your rationale in your answer .

. Question 10 ( 3 points ) The country of Scoutavia ( a fictitious country ) possesses some of the following characteristics . Citizens of Scoutavia are allowed to choose their careers and produce whatever they would like . Their government sets law and regulations to protect the citizens from harm while also collecting taxes . There are many places in each city where the folks can go to interact with each other and purchase the goods and services the community produces on their own properties . This country has many small and successful businesses that are meeting the majority of the citizens needs on a daily basis . Is Scoutavia a laissez - faire system , a mixed - economy system , or a command system based on the information provided . Support your answer .

Question 8 Many students may find that they spend a large portion on their day on their phones , in fact often hours at a time . What economic term discussed in Chapter 1 addresses this choice , when students select their phones over the fact that they are not engaged in other activities ? Explain your reasoning .