1. Define market demand, market supply, and equilibrium. Show how these concepts can be illustrated on a basic demand/supply graph. 




2. Discuss the differences between the short run equilibrium and long run equilibrium from the perspective of producers and from the perspective of consumers. Why do you think it is important for managers to understand the mechanics of supply and demand in the short run and in the long run? Give an example of a company whose business was either helped or hurt by changes in supply or demand in the markets in which they were competing. 




3. For each of the following products, indicate whether you believe demand will be relatively price elastic or relatively price inelastic. Give economic reasons for each reply. Remember that high demand does NOT imply high elasticity. High elasticity occurs if a change in quantity demanded is relatively large compared to the associated change in price regardless of how high the quantity demanded is to begin with. 


a. Mayonnaise in general


b. A specific brand of mayonnaise


c. Chevrolet automobiles


d. Tesla automobiles


e. Washing machines


f. Beer 

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