See attached
WK III Essay
This 3-to-5-page essay measures your mastery of ULOs 1.1, 1.2, 2.1, 6.1, 6.2 and 7.1.
Elasticity
Assignment objective: 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.
Length: Your submission is required to be at least 3 pages in length and not more than 5 pages, not counting the title page and references page.
References: A minimum of 3 peer-reviewed sources are required, any additional resources used are required to be scholarly/academic in nature and found in the CSU Online Library. APA Style is required for citations and references.
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:
1. Introduction
2. 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.
3. Describe how marginal analysis, by avoiding sunk costs, leads to better pricing decisions.
4. Explain the importance of opportunity costs to decision-making and how opportunity costs lead to trade.
5. 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.
6. Conclusion
