CSU Elasticity of Demand Changes in Price Affect Its Demand Essay

Unit I introduced the benefits of markets to improving outcomes for producers and consumers. 

Unit II examined the role of costs and prices in decision-making. 

For this assignment, you will answer a series of questions in the form of an essay. 

Support your answers with research from at least three peer-reviewed journal articles using the CSU Online Library (or other sources). 

1. Research elasticity information for two particular goods: one with an elastic demand and one with an inelastic demand.
2.  Using elasticity information you gather, predict changes in demand. The United States Department of Agriculture website has a good resource to help with this. 
3. Describe how marginal analysis, by avoiding sunk costs, leads to better pricing decisions. 
4. Explain the importance of opportunity costs to decision-making and how opportunity costs lead to trade. 
5. 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.