Essay on Eco 561 Week 1-6 (Assignments and Dqs) Entire Class -
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Week 1 Discussion Questions
Different products have different elasticities. Heart medication, for example, is inelastic and corn is elastic. All firms can increase the volume of goods or services sold by cutting prices; however, elastic products are much more price sensitive than inelastic products. Find a product that has not already been selected and describe the price elasticity. How much control might an organization have over pricing …show more content…
Understanding how market equilibrium is maintained is essential for business managers. As a manager, it is important to understand how economic principles, and specifically supply and demand, are a part of your everyday business decisions.
For this assignment, relate the concepts of the market equilibrating process in the Weeks One and Two readings and learning activities to a prior real-world experience occurring in a free market. The experience does not necessarily have to be work related.
Explain the market equilibrating process in relation to your experience. Include academic research to support your ideas.
Consider the following components in your explanation:
• Law of demand and the determinants of demand
• Law of supply and the determinants of supply
• Efficient markets theory
• Surplus and shortage
Use University of Phoenix Material: Appendix A to create graphs illustrating the equilibrating process in price relation to the shift in supply and demand.
Deliver the content as a 350- to 500-word paper, plus 3- to 5 slide Microsoft® PowerPoint® presentation, or 2- to 3-minute video, or 1-page comic strip illustration.
Format your citations and references consistent with APA guidelines. Because this assignment is a personal reflection, use first-person pronouns when applicable.
Week 2 Reflection
Discuss this week’s