Refer to the information provided in Scenario 1 below to answer the following questions.
SCENARIO 1: The following diagram represents the U.S. market for oil. 
-Refer to Scenario 1. Use the total revenue test (on all oil sold) to determine elasticity of demand with a price drop from $18 to $16.
Definitions:
Hoop
A circular band or ring that can be used for various purposes, including sports, jewelry, or as part of mechanisms.
Operant Conditioning
A process of instruction where behavior intensity is adjusted by giving incentives or imposing sanctions.
Allergic Responses
The immune system's hypersensitive reaction to a foreign substance, producing symptoms ranging from mild to life-threatening.
Phobic Response
An intense and irrational fear response to a particular object, situation, or activity, leading to avoidance behavior.
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