1. Explain elasticities of Supply and Demand and illustrate with examples.
2. Define marginal benefit and cost and the efficient allocation of resources, illustrate with examples. Explain and illustrate consumer and producer surplus. Discuss market failure and deadweight loss and illustrate inefficient outcomes from over and under production. 3. Explain and illustrate price ceilings and floors with examples. Discuss why both create inefficiencies and show deadweight loss in your illustrations.
be as thorough as possible
The sources should primarily come from the textbookRobin Bade, Michael Parkin – Foundations of Economics, 8th Editionhttps://cloudflare-ipfs.com/ipfs/bafykbzacebaeqinegsgxomnpqdbaqzxib6p3mhjukg27uwlzf6q2et7ii5xw2?filename=Robin%20Bade%2C%20Michael%20Parkin%20-%20Foundations%20of%20Economics%2C%208th%20Edition.pdf
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