For this discussion, you will compose two initial posts on two of the topics listed below.
Topics
Topic One: Best Burgers
Need more detailed instructions from Dr. Joiner.
Topic Two: Elasticity
If you were working in a gas station and the manager wanted to increase the price of gasoline 5%:
What would you tell them about future revenue? (Consider the theory of price elasticity and the specific value of the price elasticity for gasoline provided in this module’s lecture.)
What strategies would you recommend with the price of gasoline and the prices of other products sold at the gas station?
Topic Three: Principle of Diminishing Marginal Utility (Chapter 10)
A local restaurant offers an “all you can eat” ribs special. If a person pays $11.95, they can eat as many servings as they desire at no additional cost.
Do you think the local restaurant will go bankrupt because people will eat much more than what they are paying for? Why?
Topic Four: News and Microeconomics
This week you were introduced to key concepts like elasticity, sunk costs, diminishing marginal satisfaction, fixed costs, variable costs, average costs, and marginal costs. All these concepts relate to the Demand and Supply of your firm of interest, and these concepts are quantitative in nature. Research and find articles that discuss demand elasticity values or costs for the firm you are interested in.
To start this topic:
Provide a link to a recent business news or journal article.
Add a provocative comment/question for others to continue the discussion and build the empirical evidence needed for your paper project.
Grading
For each discussion topic, you are to write an original post that represents the findings of your research into the topic and provides a substantive summary of what you discovered. This original post should contain at least one reference and in-text pointers to indicate what came from that reference. Your original post should be a paragraph long—at least six sentences.
