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Explain the law of supply

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  • Explain the law of supply, and why the supply curve slopes upward? How is the market supply curve derived from the supply curves of individual producers?
  • Identify what are the major determinants of price elasticity of demand? Use those determinants in judging whether demand for each of the following products is probably elastic or inelastic: (a) bottled water; (b) toothpaste; (c) Crest toothpaste; (d) ketchup; (e) diamond bracelets; and (f) Microsoft's Windows operating system.
  • Use the distinction between the characteristics of private and public goods to determine whether the following should be produced through the market system or by government: (a) French fries; (b) airport screening; (c) court systems; (d) mail delivery; and (e) medical care. State why you answered as you did in each case.

Reference no: EM131991802

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