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?
Discussion Question 2
Adam and Barb go to the store to purchase some lottery tickets. Without looking at the price, Adam says â€œIâ€™ll take 10 lottery tickets,â€ and Barb says â€œIâ€™ll take $10 worth of lottery tickets.â€ What is each personâ€™s price elasticity of demand for lottery tickets?