Question Details

make sure information come from the books Title: Microeconomics Edition: 3 Author: Hubbard, O'Brien Publisher: Pearson/Prentice-Hall ISBN: 9780558853488 Course: ECO254


There are 4 factors that influence the price elasticity of demand: the availability of substitutes, the specific nature of the good, the part of income spent on the good, and the time you have to buy the good. These 4 factors are essential to microeconomics and should be understood in a professional environment. With that in mind, the president of your company wants you to address and discuss the influences of price elasticity of demand. With a staff meeting coming up next week, the president of your company, Mr. Wilson, has requested that you prepare a memo for the entire staff, explaining the factors that contribute to the elasticity of goods. He explains to you that the entire staff relates to detailed information better when an example is incorporated into the memo. He also explains that the memo is a vital part of the staff meeting, and he will review it as part of the evaluation for the new vice president position. Primary Task Response: Within the Discussion Board area, write up to 3 paragraphs that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas: Using your textbook, the library, Internet, or any other available materials, do the following: For this assignment, you must post a memo to the Discussion Board consisting of 750-1000 words in which you explain the factors that contribute to the elasticity of goods. You must also incorporate a real-life example of price elasticity of demand, and discuss how it impacts the economy. For full credit, you must address and answer the following in your posting: •Discuss in detail the influences of price elasticity of demand. •Explain the factors that contribute to the elasticity of goods. •Discuss how these factors influence consumers to purchase goods or services. •Explain how price elasticity of demand relates to microeconomics. •Give a real-life example of a good that shows elasticity of demand. •Incorporate the real-life example into the memo. •Explain if the good is elastic, inelastic, or unitarily elastic. Why? 

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