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Purpose: This week’s DB forum is based on chapter 5 and 6. This discussion hig

by | Jun 2, 2022 | Other

 

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Purpose: This week’s DB forum is based on chapter 5 and 6. This discussion highlights the concept of elasticity and the correlation between elasticity, demand, supply and price. The questions covers different elasticity measures, short and long term impact of elasticity on income and consumption and other variables.
Parameters: Your initial post should be 250-300 words or more and include at least two references. Using appropriate footnote citation format, include at least: (a) one reference from the readings or videos and (b) at least one reference from a business publication that is listed at https://hbu.libguides.com/c.php?g=935212&p=8893762 in your initial thread. All of these publications are available to you in electronic format. (c) Your initial post should be professional and conversational.
Reply post: You are also required to complete one (1) reply post of 150-200 words or more, professional and conversation. References to course material are required for your reply posts. Reply posts should provide constructive feedback. For example, is there a particular thread you agree or disagree with? Why/why not? Is there a point that a colleague could have expounded upon a bit more?
Format for initial post: DB subject line: question you chose to discuss (i.e. Q-1, 2, 3)
1st post: paragraph 1: Answer the questions (see options below) based on the parameters as outlined above. (10 points).
1st post: paragraph 2: Explain how each reference you noted relate to the initial thread prompt you chose to discuss this week. (10 points)
Reply Post: Questions/feedback posed by your class colleagues and/or I must be addressed to fulfill the points requirements for reply posts. (5 points) No points will be recorded for definition only or cut/paste posts.
No points will be recorded for posts that do not meet the requirements above, are not substantive and/or relevant to ch. 5 & 6
Discussion Prompts: Answer one of the following thread prompts in its entirety.
What’s On is a streaming service company with a 1.4 price elasticity of demand for year 2022 (1st quarter). (a) Given W-3 reading and presentation info. would you advise What’s On to raise the price. Why/why not? Would you advise What’s On to lower the price, why/why not? Would you advise What’s On to keep the price the same. Why/why not? (b) What is a likely outcome if the price elasticity of demand was 0.6? Include a comparison explanation between price elasticity of 1.4 and 0.6 to support your response. (c) What is a likely outcome if the price elasticity of demand was 1? Include a comparison explanation between a price elasticity of 1.4 and 1. (d) Given the current market condition for streaming services, what is a likely expansion opportunity for What’s On? Include one example with your response. (note: all references to What’s On company is for this DB forum only. There is no relation to any company with the same name).
From an economic perspective, describe the relationship between price elasticity and the demand curve. (a) Explain the optimum spot for price elasticity on the demand curve. Include one economic and one mathematical reason to support your response. (b) explain how upward movements on the demand curve affects supply elasticity. Include one reason to support your response. (c) explain how upward movements on the supply curve affects supply elasticity. Include one reason to support your response. (d) What is the correlation between price elasticity and change(s) in quantity demanded and quantity supplied. Include one reason to support your response. Grimes is the manager of a theater. The theatre charges the same admission price of $8.00 to all customers regardless of the customer age. To increase ticket sales, Grimes proposes a two tier price system as follows: $5.00 for children under age 12 and $10.00 for adults. (a) describe two economic factors that must exist (under normal circumstances) in order for Grimes proposal to succeed? Include one reason for each economic factor with your response. (b) Fully explain what must be true of price elasticity of demand if Grimes’s proposal is to achieve its goal. Include one reason to support your answer. (c) consider the relationship between price elasticity of demand and total revenue, what changes should be considered to increase revenue in the long run? Include one reason to support your response. 200 words for the discussion prompt
150 words each for the 2 replies ( I will upload later)

 

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