ECO 204 Week 2 Discussion 1 | Assignment Help | Ashford University
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- 05 Mar 2020
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ECO 204 Week 2 Discussion 1 | Assignment Help | Ashford University
Week 2 - Discussion 1
The
Price Elasticity of Demand
The price elasticity of
demand is people’s responsiveness of quantity demanded (or consumption) when
there is a change in price.
Respond to the
following:
- Identify the determinants of the
price elasticity of demand. Explain each one.
- Determine whether each of the
following items is elastic or inelastic: bottled water, gourmet coffee,
Apple cell phones, and gasoline. Explain your reasoning.
- Distinguish between a necessity and
a luxury.
- How are the price elasticity of
demand and total revenue related? Why is the price elasticity of demand
important to pricing?
Your initial post
should be a minimum of 300 words.
Guided Response: Respond
substantively (a minimum of 100 words) to at least two of your classmates’
posts. What is similar or different between your post and theirs? What advice
could you offer them? Substantive responses use theory, research, experience,
or examples to support ideas and advance class knowledge on the discussion
topic.
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