Explain importance of opportunity costs to decision-making

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Question: For this assignment, you will answer a series of questions in the form of an essay. Support your answers with research from at least three peer-reviewed journal articles using the CSU Online Library (or other sources).

1. Research elasticity information for two particular goods: one with an elastic demand and one with an inelastic demand. Using elasticity information you gather, predict changes in demand. The United States Department of Agriculture website has a good resource to help with this.

2. Describe how marginal analysis, by avoiding sunk costs, leads to better pricing decisions.

3. Explain the importance of opportunity costs to decision-making and how opportunity costs lead to trade.

4. Evaluate how better business decisions can benefit not just the producer but the consumer and society as a whole. In your evaluation, contrast the deontology and consequentialism approaches to ethics.

Your essay must be at least two pages in length and include at least three peer-reviewed resources. Adhere to APA Style when writing your essay, including citations and references for sources used. Be sure to include an introduction. Please note that no abstract is needed.

Article 1: An ordering policy for deteriorating items with price-dependentiso-elastic demand under permissible delay in payments andprice inflationPuspita Mahataa, Gour Chandra Mahataband Avik Mukherjee

Article 2: Paradox of Plenty,with Special Reference toInelastic Demand for Apples by Monika Jain

Article 3: Critical Review of Pricing Schemes inMarkets with Non-Convex Costs by George Liberopoulos, Panagiotis Andrianesis

Reference no: EM132879571

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