Overview
After completing the assigned readings and watching the relevant lecture videos, discuss the the different measures of elasticity presented in the assigned readings. You will need to identify and describe at least 3 different measures of elasticity.
Provide an example of a good or service with inelastic demand and another good or service with elastic demand. What factors caused the difference in elasticity between the 2 goods.
Provide a detailed analysis of why a business owner must consider price elasticity of demand/supply, income elasticity of demand/supply, cross price elasticity, etc while making pricing and output decisions.
Clearly identify sections of the textbook (specifically selected for this course) that helped you answer these questions.
This is a starting point for the week's discussion. The assigned resources cover many more advanced concepts on the topic.
Respond to two or more of your classmates or my follow up questions by making posts that will help advance our understanding the concepts.
All posts - initial reply and peer-responses- must be based on the assigned readings. This is an academic discussion (in contrast to casual conversation). I am interested in your ability to relate the models and theories presented in the course more than personal opinions and general observations.
Submit your initial post by midnight, Day 3. Please respond to two of your classmates' posts by midnight, Day 7.
links: http://ebooks.apus.edu.ezproxy2.apus.edu/ECON101/Rittenberg_Ch1-5.pdf