Topic: Demand and Supply, Elasticity of demand and supply Assignment has to be related to the potato market (article) not written in general terms. Q1. - Define the perfectly competitive potato market - Discuss the main reason for the price rise - Explain the equilibration process ie shortage or surplus - Draw a graph Q2. Discuss price elasticity including a distinction between price elastic and inelastic - Refer back to the determinants/influences of price elasticity of demand but relate to potatoes - Refer to the total revenue test and discuss with the new price change of potatoes, the impact on total expenditure/revenue - Use a graph to illustrate Q3. - Recap on the reason why potato prices have increased - Refer to two other markets that will be affected by the change in the price of potatoes - make sure you illustrate two separate graphs - Make sure you include and discuss the shifts, and equilibrating process .