29 Dec Think of a product that
Week 2 discussion
MARKET EQUILIBRIUM; PRICE ELASTICITY
Multimedia post (up to 10 points) – Demand, Supply, and Market Equilibrium: Create a short 1-2 minute slide presentation with a voice narration or a video using any technology you are comfortable with.
Think of a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc…). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T).
What happens to the demand curve and the supply curve when any of these determinants change? What would cause a change in demand versus a movement along the same demand curve for this product? How would you determine the new equilibrium price and quantity that result from these changes? Can you demonstrate some of these changes graphically?
Price Elasticity of Demand (up to 5 points) – Consider a product that you have purchased recently. If the price of this item increases, how would you adjust your purchases? Is the Demand for this product Price Elastic or Price Inelastic? Justify your classification by applying the determinants of elasticity to this product. Suppose price of this product is on the rise and you are the store manager. Would you be thrilled to be selling this product? How does an increase in price for this product affect your Total Revenue? Using specific examples, relate the concepts of Cross Elasticity and Income Elasticity to this product.
MyEconLab (MEL) Activity Post (up to 5 points) – Make a high-quality response to a classmate’s MEL Activity post or complete your choice of one of the available Week 2: MyEconLab Activities for the week (recommended), and post a short summary along with one or more ideas on how to apply the principles explained in the selected Activity. Include the word “Activity” along with the topic of the MEL Activity in the first sentence.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteEdu. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
Do you need help with this question?
Get assignment help from WriteEdu.com Paper Writing Website and forget about your problems.
WriteEdu provides custom & cheap essay writing 100% original, plagiarism free essays, assignments & dissertations.
With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Chat with us today! We are always waiting to answer all your questions.