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Course outcome(s) practiced and assessed in this Assignment:
GB540-1: Examine microeconomic tools for purposes of problem
solving, analysis, and decisionmaking.
Directions
● Explain the relationship between the price elasticity of demand and
total revenue. What are the
impacts of various forms of elasticities (elastic, inelastic, unit elastic,
etc.) on business
decisions and strategies to maximize profit? You can explain your
responses using empirical
examples, formulas and graphs.
● Is the price elasticity of demand or supply more elastic over a shorter
or a longer period of
time? Why? Give examples.
● What are the impacts of government and market imperfections
(failures) on the price
elasticities of demand and supply?
Criteria
● Your Assignment should have a cover sheet with the following
information: Title of the paper,
Your Name, Course Number and Section Number, and Date