Elasticity
Assignment objective: For this assignment, you will answer a series of questions in the form of an
essay.
Length: Your submission is required to be at least 3 pages in length and not more than 5 pages, not including the title page and references.
References: A minimum of 3 peer-reviewed references are required, any additional resources used are required to be scholarly/academic. APA formatting is required to be used for citations and references. Use this definition to define the term in the instructions.
Definitions: Scholarly journals are sometimes called academic journals. The terms are often used
interchangeably to describe the same type of publication. These types of publications are published by universities, academic institutions, professional associations, and commercial enterprises and are
compiled by scholars, academics, and other subject authorities.
Details: In your paper, include the following:
Introduction
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.
Describe how marginal analysis, by avoiding sunk costs, leads to better pricing decisions.
Explain the importance of opportunity costs to decision-making and how opportunity costs lead to trade.
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.
Conclusion
