Econ 1102 Micro Review 2 Page 1 of 2 Outline A Calculating Elasticity HW1 Q14 Q16 B Consumer and Producer Surplus HW2 Q1 Q3 C Other Questions about class this week A Calculating Elasticity Price 10 5 3 5 6 8 Quantity What is the elasticity of supply and what is the elasticity of demand 10 Priceand Producer Surplus B Consumer Supply 6 Demand 4 2 5 Quantity Econ 1102 Micro Review 2 Page 2 of 2 a What is consumer s surplus b What is producer s surplus c What is total surplus Additional Questions Q1 Suppose supply is P 2Qsupply 8 Demand P 20 2Qdemand What is consumer and producer surplus What is total surplus Q2 Sara a student is willing to spend 2 hours a week tutoring if she is paid 15 hour At 30 hour she is willing to spend 5 hours a week tutoring What is her elasticity of supply Is it elastic or inelastic
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