- 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.
- Describe how marginal analysis, by avoiding sunk costs, leads to better pricing decisions.
- 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 the deontology and consequentialism approaches to ethics.