Please read the questions carefully, then answer the questions. You should use your own words, and follow the each requirement. Thank you.QUESTION 1Use what you learned about price elasticity and your own reasoning in judging whether demand for each of the following products is probably elastic or inelastic and explain why you think so: (a) bottled water; (b) ketchup; (c) Heinz ketchup; (d) diamond bracelets; (e) Microsoft?s Windows operating system.QUESTION 2Draw a demand and supply graph and identify the areas of consumer and producer surplus. What impact will an increase in supply have on the amount of consumer surplus shown in your graph? Explain why.QUESTION 3Who benefits from rent ceilings? Who suffers? What are the long-term effects of rent ceilings? How can landlords and tenants cheat on rent ceilings? Do you think the rent ceilings might lead to more discrimination against certain groups?QUESTION 4Describe the effects on the labor market of a minimum wage that is higher than the equilibrium wage. Who benefits from such a minimum wage? Who suffers? What are the long-term effects of the minimum wage?QUESTION 5Have you ever worked for the minimum wage? If so, for how long? Would you favor increasing the minimum wage by a dollar? By two dollars? By five dollars? Explain your reasoning..
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