For each of the following pairs of goods, which good would you expect to have more elastic demand and why ?
a. Required text books or mystery books.
b. Beethoven recordings or cassical music recordings in general.
c. Heating oil during the next six months or heating oil during the next five years.
d. Lemonade or water.


Suppose the demand for French bread rises. What happens to producer surplus in the market for French bread? What happens to producer surplus in the market for flour?


þetta snýst um “teygni” og framboð og eftirspurn. Ég var veik þegar þetta akkúrat var í tímanum svo ég met allar góðar ábendingar og leiðbeiningar….