The assignment focuses on elasticity in microeconomics and how it impacts, influences, and shapes various products within an economic market. For this assignment, you will be addressing a series of questions around elasticity and will be required to conduct additional research in writing your responses. You will also provide, in your own words, definitions and examples of elasticity types. The APA formatted paper will be separated into two parts.
- Please be sure to validate your opinions and ideas with citations and references in APA format
- You must use APA Formatting for this paper.
- This paper should be at least 600 words in length.
- You must research and utilize at least 3 resources in creating this paper.
In a Microsoft Word document, complete the following.
Part 1: Elasticity and Products
Choose any five products that exist within an economic market then classify and describe their â€˜elasticityâ€™ (relatively inelastic, relatively elastic, perfectly elastic, perfectly inelastic, unitary elastic).
In each case, please explain what would occur if:
- income increased
- loss of job
- a substitute was introduced
- there was a sudden shortage of the product
Part 2: Examples of Elasticity
In your own words, please define, describe, and use an example for each of the following terms using a minimum of 50 words each.
- Unitary Elastic
- Perfect Inelasticity
- Income Elasticity of Demand
- Cross Elasticity of Demand
Estimated time to complete: 8 hours