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Economics paper




Question;The paper you provided (see attached) had the corrections which need to be done, listed below. I need the answers to the issues below. Thank you.The correct coefficients (positive/negative) corresponding to cross-price elasticity (substitutes and complements) and income elasticity (normal and inferior goods) are given. Please also provide and explain the elasticity coefficients (expressed in numerical values or range of values) for elasticity of demand (elastic, inelastic and unit-elastic demand).The explanation of the significance of differences among the 3 contrasted terms appears to have been left out in the submission. Please explain why each term is significant in the business world. To make the discussion effective, consider discussing how each measure is utilized by analysts, consumers or business executives.The work provides, "The demand of the given good will is more elastic in this situation. If a consumer puts a large share of their budget on a good, then the demand will respond less proportionally to an increase or decrease in price, which will cause the demand for this good to be inelastic. If a very small portion of income is devoted towards a good, then the demand would be elastic." The above discussion is incorrect. There seems to be a confusion between "more elastic" and "less elastic". Please review carefully and revise.Appropriate examples for the availability of substitutes and the consumer?s time horizon are provided. Please provide a new example for the share of consumer income devoted to a good with the revision of D2. For the example to work a comparison is needed. Consider providing a high-priced item and a low-priced item as examples and explain how consumers would react to a price increase, given the same percentage price increase on both items.The explanation of the impacts to business decision making resulting from each product example given under E appears to have been left out in the submission. Please revise. Consider explaining how business executives will consider the determinants when pricing and marketing each example product given. Be sure to provide for all 3 determinants.The discussion for perfectly elastic demand is incorrect. Please review carefully and revise. Moreover, the explanation for perfectly inelastic demand appears to have been left out. The work correctly describes the specific description of the demand curves for perfectly elastic demand, but no similar explanation is given for perfectly inelastic demand. Please revise.The impact of price change to quantity demanded and total revenue for elastic range is adequately explained.The numerical ranges "1st unit to the 5th unit" are not quite correct. They are a little bit beyond the full extent of elastic range. The range does start at 1 unit, but it does not end at 5 units. Please review carefully and revise.The impact of price change to quantity demanded and total revenue for unit-elastic range is adequately explained. The work describes the location of unit-elastic range at "5th unit on the demand curve". This provides only the point where the range ends. Please also identify the point where it begins to fully meet requirements.


Paper#57702 | Written in 18-Jul-2015

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