In your own words answer the following questions and upload your answers within an MS Word Document.

In your own words answer the following questions and upload your answers within an MS Word Document.

1. When the demand curve is relatively inelastic and the price falls, what happens to total revenue?

2. Why is the demand for gasoline relatively inelastic, while the demand for Exxon's gasoline is relatively elastic?

3. Describe cross elastiity of demand. 

4. What is the difference between inferior and normal goods?

5. Video Question: What was the most important concept presented in this video? Using your own words explain why you feel this way.