This document provides solutions to a microeconomics assignment focusing on the concept of elasticity. The assignment covers various aspects of elasticity, including price elasticity of demand, perfectly elastic and inelastic demand, and unit elastic demand. It includes multiple-choice questions and calculations using the midpoint formula to determine elasticity values. The questions assess the understanding of how changes in price affect quantity demanded and total revenue. The document also explores concepts such as the law of demand, and the relationship between elasticity and the shape of the demand curve. The solutions provide detailed explanations and calculations to aid in understanding the core principles of microeconomics and elasticity. Furthermore, the assignment includes questions on calculating elasticity using the midpoint formula and interpreting the results, reinforcing the analytical skills needed for economic analysis. This assignment is ideal for students studying microeconomics and seeking to improve their understanding of elasticity and related concepts.