Short essay questions

These are the 5 topics please write 150-200 words per topic and cite.

1 .I could explain what would happen to the price and quantity of a good or service if demand increased and supply decreased. (You do not need to quantify your response, simply use the terms increase, decrease, or it depends on the magnitude of the changes. Provide a scenario that might bring this about and use supply and demand curves for your explanation.)

2. Elasticity has little to do with the control an organization might have over pricing its product.

3. Price is a poor way of rationing important scarce resources. (Focus on both demand and supply)

4. Law of Diminishing Marginal Returns

5. Your company wants to increase revenue and has asked you to work on a project to determine whether the demand for a product is elastic or inelastic. Search the Internet and identify one product sold by an organization. Identify whether the product is price elastic or inelastic. Recommend a pricing strategy to increase revenue. Justify your strategy and share your thoughts. Consider which factors make it price elastic or inelastic.