1. Differentiate between representation and concealment (as they relate to insurance).
2. Explain why the price elasticity of demand is not the same as the slope of the demand curve.
3. Explain how price elasticity of demand affects the relationship between price and total revenue. Use diagrams.
4. State the mid-point formula for calculating price elasticity of demand.
5. List at least five types of insurance for the individual or for the business.