Examine microeconomic tools for purposes of problem solving, analysis, and decision making.
● Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit? Explain your responses using empirical examples, formulas, and graphs.
● Is the price elasticity of demand or supply more elastic over a shorter or a longer period of time? Why? Give examples.
● What are the impacts of government and market imperfections (failures) on the price elasticities of demand and supply?
● Your Assignment should have a cover sheet with the following information: Title of the paper, Your Name, Course Number and Section Number, and Date
● It must be a minimum of five pages long (excluding title page, references, etc.)
● Be sure to include the criteria located in the rubric attached within your paper.
● It must be APA formatted with citations to your sources and your last page should list all references used. For assistance on APA format, visit the various writing resources, accessed under the Academic Tools area in the left navigation pane.
● You must use a variety of two objective, high quality, and current sources. Peer reviewed articles, articles published in journals, textbooks, and library resources found in the Library are examples of high quality resources.
● Note that Wikipedia, Investopedia, etc. are not considered as reliable resources for this research.