Elasticity
Unit I introduced the benefits of markets to improving outcomes for producers and consumers. Unit II examined the role of
costs and prices in decision-making. 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 Waldorf 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 three pages in length (not counting the title and references pages) and include at least three
peer-reviewed resources. Adhere to APA Style when writing your essay, including c
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Unit I introduced the benefits of markets to improving outcomes for p appeared first on Skilled Papers.