Classify and describe elasticity

Assignment Help Microeconomics
Reference no: EM132439475 , Length: word count:600

Assessment - Elasticity and Products

Instructions

Classify: Elasticity Impact

Evaluation Title: Elasticity and Products

The assignment focuses on elasticity in microeconomics and how it impacts, influences, and shapes various products within an economic market. For this assignment, you will be addressing a series of questions around elasticity and will be required to conduct additional research in writing your responses. You will also provide, in your own words, definitions and examples of elasticity types. The APA formatted paper will be separated into two parts.

Please be sure to validate your opinions and ideas with citations and references in APA format

You must use APA Formatting for this paper.

This paper should be at least 600 words in length.

You must research and utilize at least 3 resources in creating this paper.

In a Microsoft Word document, complete the following.

Part 1: Elasticity and Products

Choose any five products that exist within an economic market then classify and describe their ‘elasticity' (relatively inelastic, relatively elastic, perfectly elastic, perfectly inelastic, unitary elastic).

In each case, please explain what would occur if:

income increased
loss of job
a substitute was introduced
there was a sudden shortage of the product

Part 2: Examples of Elasticity
In your own words, please define, describe, and use an example for each of the following terms using a minimum of 50 words each.

Unitary Elastic
Perfect Inelasticity
Income Elasticity of Demand
Cross Elasticity of Demand

Reference no: EM132439475

Questions Cloud

Prepare marketing plan : Prepare Marketing Plan. Target Market: Who are you trying to reach with your marketing activities? Promotional Plan: How will you reach your target market?
Discuss how the affordable care act : Is health care commodity or social good? Discuss how the Affordable Care Act supports either version of your view of health care as a commodity or social good.
Identify the methods by which toxicants enter the body : Identify the methods by which toxicants enter the body. Provide a brief description and at least one example for each method.
Discuss the plan on majoring at National : Discuss the plan on majoring at National?What kinds of writing do suspect have to do in field? Do any publications in field-journals?
Classify and describe elasticity : Economic market then classify and describe their elasticity - addressing a series of questions around elasticity and will be required to conduct
Explain in detail the medical information : Explain in detail the medical information that may be obtained from tumour marker screening by giving specific example in relation to lung
Structure of the phosphordiester backbone of a dna strand : Draw the reaction how an RNA strand can easily cleave itself if the pH is high, and why this is not possible with a DNA strand.
Use of fertility drugs and ovarian cancer : Stanford University medical researchers conducted a study on the correlation between the use of fertility drugs and ovarian cancer.
Describe the cost or budget justification : In this assignment, you will propose a quality improvement initiative from your place of employment that could easily be implemented if approved. Assume you.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd