MICROECONOMICS Week 3 Assignment 1

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.

Instructions:

Part 1: Elasticity and Products

• Choose any five products that exist within and economic market and classify and describe their ‘ elasticity’ (inelastic, elasticity, perfect elastic, perfect inelastic, unitary elastic).
  • In each case, please explain what would occur if:
    •  income increased
    •  loss of a 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 follow terms:
  • Unitary Elastic
  • Perfect Elastic
  • Income Elasticity of Demand
  • Cross Elasticity of Demand

APA Formatting

• 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 500 words in length.
• You must research and utilize at least 3 resources in creating this paper.

Create your work into a Microsoft Word document and submit it through the assignments tab.