Answer the following questions in your text and submit the answers and any supporting spreadsheets to the Week Two Dropbox. Your responses must show depth and breadth of the applied economic concepts.
Application Question 6, page 85
Why would we expect that the price elasticity of demand for the product of an individual firm would typically be greater than the price elasticity of demand for the product overall? Illustrate your answer with examples from this chapter.
Application Question 3, page 112
Explain what types of biases arise in the different approaches to understanding consumer demand and behavior.