Research Elasticity Essay

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.

Evaluate how better business decisions can benefit not just the producer but the consumer and society as a whole. In your evaluation, contrast