| Graph or table to illustrate a production possibilities curve
Problem # 1 · Graph or table to illustrate a production possibilities curve · Meaningful description of a variety of different points on the curve. · Explanation of what would make the curve expand or contract. · Explanation of why efficiency is lost at the extremes, (i.e., substantially more of one good and very little of another is produced). |
12 | |
| Problem # 2 · Comprehensive discussion of the availability of natural diamonds as a component of supply in a competitive market and how it influences price. · Comprehensive discussion the demand for natural diamonds in a competitive market and how it influences the price. · Description of what would happen if an outside agency determined the prices eBay could charge. | 12 | |
| Problem # 3 · Introduction and Conclusion | 4 | |
| · Social problem identified where free markets are not allowed to function. | 4 | |
| · Description of how free market features could be introduced to help alleviate the problem. | 12 | |
| · Two pages in length | 4 | |
| Writing Style, Grammar, APA Format | 12 | |
| Total | 60 |
Unit 2 Assignment
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Write My Essay For MeAccording to the law of demand, if price increases, quantity demanded of a good or service will decrease or vice versa. Price elasticity of demand tells us how much quantity demanded will decrease when price increases or how much quantity demanded will increase if price decreases.
On the other hand, according to the law of supply, if the price increases, quantity supplied of a good or service will increase. Similarly, if price decreases, quantity supplied will decrease. The degree of sensitivity (responsiveness) of production/supply to a change in price is measured by the concept of price elasticity of supply.
Total revenue is calculated as the quantity of a good or service sold multiplied by its market price. Thus it is a measure of how much money a company makes from selling its product. The core objective of a firm is maximizing profit. One of the ways to maximize profit is increasing total revenue. The firm can increase its total revenue by selling more items or by raising the price. Among others, this depends on the nature of the price elasticity of demand. Moreover, the length of time is an important factor in determining price elasticity of demand and supply.
· 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? Explain using empirical examples.
· 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?
The Assignment should be a minimum of five pages in length, excluding title page and reference page. Your paper must incorporate several quality references, and it must be organized in APA format.
Assignment 3
For most firms today, success or failure is determined by the ability to find, attract, keep, develop, and tap into the most talented workforce that can be assembled. Use the Kaplan Online Library to search for articles related to this topic. Write a 5-page report outlining what firms need to do in order to bring in the most talented people (from anywhere) and make the fullest possible use of their abilities. Support your paper with at least two articles from the Library. Your paper must be APA compliant.
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