Discuss elasticity of demand as it pertains to elastic, unit, and inelastic demand
A. Discuss elasticity of demand as it pertains to elastic, unit, and inelastic demand.
B. Discuss cross price elasticity as it pertains to substitute goods and complementary goods.
C. Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods).
D. Use an example to discuss why demand tends to be relatively elastic in a situation where “Availability of Substitutes” exists.
E. Discuss the “Proportion of Income Devoted to a Good” concept by contrasting two products purchased.
1. Address, in your discussion, specific examples of how the same percentage change in the price of both goods affects the percentage change in the quantity demanded for each of the two goods.
F. Contrast how a person would initially respond to a relatively large increase in the price of a product in the short run as opposed to how that same person might react to that same price increase over a longer time horizon (i.e., the long run), using the “Consumer’s Time Horizon” concept.
G. Identify by price range the areas on the demand curve where demand is elastic, inelastic, and unit elastic using the attached “Graphs for Elasticity of Demand, Total Revenue.”
1. Explain the corresponding impact on total revenue for eachof the three price ranges indentified in part G.
H. When you use sources, include all in-text citations and references in A
PA format.
Note: For definitions of terms commonly used in the rubric, see the attached Rubric Terms.
Note: When using sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the paper or project.
TASK 3
Introduction:
The study of government regulation and the competitive environment for business is relevant to all those who study business. All business candidates need to understand how the competitive environment will impact their employers and businesses.
Task:
Write an essay (suggested length of 2–3 pages) that describes the relationship between regulation and market structures and how regulation affects the market.
A. Summarize the four major pieces of legislation collectively known as the Antitrust Laws.
B. Discuss the intended purpose of industrial (i.e., economic) regulation as it applies to the following market structures:
1. Oligopoly
2. Monopoly
C. Explain the major functions of the three primary federal and state regulatory commissions that govern industrial regulation.
D. Discuss the intended purpose of social regulation as it applies to all market structures.
E. Explain the major functions of the five primary federal regulatory commissions that govern social regulation.
F. When you use sources, include all in-text citations and references in APA format.
Note: For definitions of terms commonly used in the rubric, see the attached Rubric Terms.
Note: When using sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the paper or project.
Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from sources, even if cited correctly. For tips on using APA style, please refer to the APA Handout web link included in the General Instructions section
TASK 4
Introduction:
Businesses large and small now compete in a truly global economy. To be successful in another country it is essential to understand and appreciate the cultural differences that exist. Business practices and ideas that work well here in the United States may not necessarily be expected to do so in other cultural environments.
If you were considering an expansion of your current business into an Asian country, what cross cultural challenges might you encounter?
Task:
Write an essay (suggested length 3–5 pages) in which you do the following:
A. Discuss three major cross-cultural differences that would need to be taken into consideration if your company were to expand into this market based on your selected country.
B. Compare U.S. business practices to practices in your proposed country for each of the following:
1. Product
2. Price
3. Promotion
4. Place
Note: You are not required to create an actual full scale marketing plan, but each of the 4P’s of the marketing mix must be individually addressed.
C. Discuss two distinct ethical issues that you will need to understand and respect as your business expands into your selected country.
D. When you use sources, include all in-text citations and references in APA format.
Note: For definitions of terms commonly used in the rubric, see the attached Rubric Terms.
Note: When using sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the paper or project.
Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from sources, even if cited correctly. For tips on using APA style, please refer to the APA Handout web link included in the General Instructions section.
