Discussion Question 1
Explain the difference between change in quantity demanded and a shift in demand. What causes changes in quantity demanded? What causes a shift in demand?
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Discussion Question 2
Adam and Barb go to the store to purchase some lottery tickets. Without looking at the price, Adam says “I’ll take 10 lottery tickets,” and Barb says “I’ll take $10 worth of lottery tickets.” What is each person’s price elasticity of demand for lottery tickets?