Elastic demand and inelastic demand, pricing decisions, opportunity costs, deontology and consequentialism approaches to ethics
Order Instructions
Elasticity
Instructions
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 listed in reference material (or other sources to include 3 peer-reviewed resources).
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.
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• Must be three pages in length (not counting the title and references pages) and include three peer-reviewed resources.
• Adhere to APA 7th Style formatting, to include citations and references for sources used. SAMPLE APA PAPER PROVIDED IN REFERENCE MATERIAL.
• Be sure to include an introduction.
• Please note that no abstract is needed.
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Reference List: Use the (3) peer-reviewed articles provided below also included in the reference material files.
1. Weiss, L., & Kivetz, R. (2019). Opportunity Cost Overestimation. Journal of Marketing Research (JMR), 56(3), 518–533.
2. The Labor Theory of Value: A Marginal Analysis. (2014). World Review of Political Economy, 5(2), 231–257.
3. Micewski, E. R., & Troy, C. (2007). Business Ethics: Deontologically Revisited. Journal of Business Ethics, 72(1), 17–25.
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Course textbook for reference:
Froeb, L. M., McCann, B. T., & Ward, M. R. (2017). Managerial Economics (5th ed.). Cengage Learning US. https://online.vitalsource.com/books/9781337468015
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Please consider reviewing:
https://corporatefinanceinstitute.com/resources/knowledge/modeling/break-even-analysis/
and
https://www.investopedia.com/terms/d/demand-elasticity.asp.
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