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:
Instrumental Tasks
Practical tasks or activities aimed at achieving a specific goal or outcome.
Bedtime Stories
Narratives, often for children, shared before sleep to entertain, educate, or soothe.
Custody
The protective care or guardianship of someone or something, often used to describe the legal right to take care of a child.
Child Support
Financial contributions that a non-custodial parent is legally obligated to pay to support their offspring's upbringing and welfare.
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