Elasticity

  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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