Please read Chapter 5 and answer the following questions: 1-) (Categories of Price Elasticity of Demand) For each of the following absolute values of...

Please read Chapter 5 and answer the following questions:1-) (Categories of Price Elasticity of Demand) For each of the following absolute values of price elasticity of demand, indicate whether demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic. In addition, determine what would happen to total revenue if a firm raised its price in each elasticity range identified. Brielfy discuss.ED = 2.5ED = 0.82-) (Price Elasticity of Supply) Calculate the price elasticity of supply for each of the following combinations of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic in each case. Please give details to your numeric answers.Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 400 units.Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 500 units.3-) Consider the following pairs of goods. Which would you expect to have the more elastic demand? Why? a) water or diamondsb) insulin or nasal decongestant sprayc) food in general or breakfast cereald) gasoline over the course of a week or gasoline over the course of a year 4-) Outsourcing Inpatient Care to IndiaThe Wall Street Journal, Monday April 26, 2004. Global health care has arrived. During 2003, Canadian resident Terry Salo flew to India to have his hip replaced. He paid only a quarter of the cost of similar treatments in the U.S. and shaved a year off his waiting time for free care in Canada. The very satisfied Mr. Salo played golf a month later. Mr. Salo is not alone. Sixty thousand foreign patients flocked to India’s Apollo Hospitals to obtain cheaper and quicker medical care than was available in their home countries. Apollo, founded in 1983 as a single hospital, has grown into a 37-hospital chain with 6,400 beds and marketing offices in London and Dubai. Apollo’s overall private mission is to provide world class health care to India but also profit by substituting high end medical care to Western patients at a fraction of the cost. Apollo also conducts patient billing for U.S. firms and does clinical trials for large pharmaceuticals. Another area of company expertise is “medical tourism.” A patient can schedule a seaside resort vacation to convalesce from their surgery as soon as they are well enough to travel. The consulting firm McKinsey and Company expects this combination of medical care and tourism in India to approach $2 billion a year by 2012. a) How does the concept of elasticity of demand relate to this topic? Briefly discuss.b) How can the same health care procedure be a necessity for one individual and a luxury for another individual?Briefly discuss.5. During the 1980s, the U.S. Congress imposed a high sales tax on yachts, figuring that the rich could afford to pay for this luxury. But so many jobs were lost in the boat-building industry that the measure was finally repealed. What did Congress get wrong in imposing this tax? Briefly discuss.6-) Please click on the following link to read the article and answer the questions below.http://ethemes.pearsoncmg.com/0321445635/article_28/index.htmlArticle: "In Dusty Archives, a Theory of Affluence"a. What might you be able to infer about the elasticity of demand from the following statement in the article? (Hint: Answers may vary)"He has documented that several aspects of what might now be called middle-class values changed significantly from the days of hunter gatherer societies to 1800. Work hours increased, literacy and numeracy rose, and the level of interpersonal violence dropped."Prof. Wade makes the following statement in his article:"After the Industrial Revolution, the gap in living standards between the richest and the poorest countries started to accelerate, from a wealth disparity of about 4 to 1 in 1800 to more than 50 to 1 today. Just as there is no agreed explanation for the Industrial Revolution, economists cannot account well for the divergence between rich and poor nations or they would have better remedies to offer." and poorest to have on income elasticity today? Briefly discuss.7-) Why is the price elasticity of demand for Coca-Cola greater than price elasticity of demand for soft drinks generally? Briefly discuss.8-) Do you think "a college education" is elastic? or inelastic? Briefly discuss.9-) How can the concept of elasticity be used in real world? Why does it useful?10-) If you are selling "a product", do you want the product "elastic" or "inelastic"? Why? Briefly discuss.Chapter 1 1- (Rational Self-Interest) Discuss the impact of rational self-interest on each of the following decisions:a. Whether to attend college full time or enter the workforce full timeb. Whether to buy a new textbook or a used one2- (Resources) To which category of resources does each of the following belong?a. A taxicabb. Computer softwarec. One hour of legal counseld. A parking lot3- (Micro versus Macro) Determine whether each of the following is primarily a microeconomic or a macroeconomic issue:a. What price to charge for an automobileb. Measuring the impact of tax policies on total consumer spending in the economyc. A household’s decisions about what to buyd. A worker’s decision regarding how much to work each weekChapter 24 (Opportunity Cost) You can either spend Spring Break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Florida? (Hint: Answers may vary)5. (Shifting Production Possibilities) Determine whether each of the following would cause the economy’s PPF to shift inward, outward, or not at all:a. An increase in average length of annual vacationsb. An increase in immigration6. (Production Possibilities) Under what conditions would an economy be operating inside its PPF? On its PPF? Outside its PPF?7. (Specialization and Exchange) Explain how the specialization of labor can lead to increased productivity.8. What are your future plans? Do you think learning economics will play an important role in achieving your goals in the near future? Briefly discuss.9. Do you face the problem of scarcity in your life? Can you think of any example? 10. WEB Question. What Can I Do with an Economics Degree? its arms is the Bureau of Labor Statistics (www.bls.gov), which is responsible for the important tasks of collection, organization, and distribution of data concerning employment and work in the U.S. Every other year, BLS publishes the Occupational Outlook Handbook (www.bls.gov/oco/ ). The OOH describes for workers in a wide range of occupations what they do on the job, their working conditions, the training and education that they need, what they can expect to earn, and what their employment prospects are in the future. In the wake of the most recent publication of the OOH, Shelly Schwartz of CNNfn (http://cnnfn.cnn.com/2000/08/18/career/q_degreeeconomics/) posted an article about the job market faced by holders of degrees in economics. In it she discusses and summarizes some of the information provided by the OOH. She also provides a link to Inomics (http://www.inomics.com/cgi/show), an example of a site that caters to job-searching economists. Please go to the CNN article and read through it, and then to the OOH website. Once at the OOH site, click on the link for "A-Z Index" and find the listing for "Economists and market and survey researchers." (http://www.bls.gov/oco/ocos055.htm) Once you have read through these sites, please answer the following questions:According to the Occupational Outlook Handbook, what do economists study and do?According to the CNNfn article http://money.cnn.com/2000/08/18/career/q_degreeeconomics/, what are the top three types of jobs for economics graduates?