Problem
1. Estimate your elasticity of demand for (a) gasoline; (b) cigarettes; (c) video rentals.
2. Why is industry supply more elastic in the long run than in the short run, and more elastic in the short run than in the market period?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.