1:23 ◄ Pulse write the DRAFI OT Tour Paper The assignment is as follows: 5G 1. Select a product, good, or service for which you believe there is, if not perfect, close to perfect price inelasticity of demand. Refer back to course materials for clarification of what price inelasticity means. 2. Research the product, good, or service so that you have a general understanding of the market, customers, suppliers, and competition. Consult at least one reliable, credible source and be sure to include a citation so we can see where you got your information. 3. Discuss the following questions(s) with regard to the product, good, or service. Remember, you are NOT to turn in a numbered list of responses. This is a written paper, so your responses should form a cohesive set of paragraphs, with appropriate transitions, and so on. a. Describe in 50 words or less the product, good, or service that you chose. b. Why did you choose this product, good, or service? c. Why do you believe the demand is inelastic with regard to price? What factors are at work here? (Hint: Think back to the external factors you read about in module 1.) d. What, if anything, could change and make the product, good, or service price elastic?
1:23 ◄ Pulse write the DRAFI OT Tour Paper The assignment is as follows: 5G 1. Select a product, good, or service for which you believe there is, if not perfect, close to perfect price inelasticity of demand. Refer back to course materials for clarification of what price inelasticity means. 2. Research the product, good, or service so that you have a general understanding of the market, customers, suppliers, and competition. Consult at least one reliable, credible source and be sure to include a citation so we can see where you got your information. 3. Discuss the following questions(s) with regard to the product, good, or service. Remember, you are NOT to turn in a numbered list of responses. This is a written paper, so your responses should form a cohesive set of paragraphs, with appropriate transitions, and so on. a. Describe in 50 words or less the product, good, or service that you chose. b. Why did you choose this product, good, or service? c. Why do you believe the demand is inelastic with regard to price? What factors are at work here? (Hint: Think back to the external factors you read about in module 1.) d. What, if anything, could change and make the product, good, or service price elastic?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:1:23
◄ Pulse
write the DRAFI OT Tour Paper
The assignment is as follows:
5G
1. Select a product, good, or service for which
you believe there is, if not perfect, close to
perfect price inelasticity of demand. Refer back
to course materials for clarification of what
price inelasticity means.
2. Research the product, good, or service so that
you have a general understanding of the
market, customers, suppliers, and competition.
Consult at least one reliable, credible source
and be sure to include a citation so we can see
where you got your information.
3. Discuss the following questions(s) with regard
to the product, good, or service. Remember,
you are NOT to turn in a numbered list of
responses. This is a written paper, so your
responses should form a cohesive set of
paragraphs, with appropriate transitions, and
so on.
a. Describe in 50 words or less the product,
good, or service that you chose.
b. Why did you choose this product, good,
or service?
c. Why do you believe the demand is
inelastic with regard to price? What
factors are at work here? (Hint: Think
back to the external factors you read
about in module 1.)
d. What, if anything, could change and
make the product, good, or service price
elastic?
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