INTRODUCTION
Chapter 5 discusses an economics concept that measures purchasers’ and sellers’ responsiveness to the market’s changes, also called elasticity. Elasticity is vital in economics because it allows people who buy and sell products and services to know the quantity utilized when the price changes. Governments use elasticity when creating policies that may affect production within the markets. Policies may include how goods are taxed and how they may impact businesses and consumers.
There are different types of elasticity, depending on supply and demand. One type is the price elasticity of demand, which measures the responsiveness of quantity demanded to a change in cost for goods or services. It guides companies in deciding to increase or decreases the prices of their goods and services. Another type is the price elasticity of supply calculates the responsiveness of change in quantity supplied to a change in price.
In Unit 5, you will learn several elasticity equations that will help in comprehending the concept. You will explore the impact price changes in goods or services have on customers’ consumptions. As a student of microeconomics, you will be able to recognize elasticity in your daily shopping routine. For example, you may have to choose if buying milk is necessary due to its price increase.
READING ASSIGNMENT
1. Greenlaw, S. A. & Shapiro, D. (2018). Principles of microeconomics, 2e. Open Stax Rice University. https://d3bxy9euw4e147.cloudfront.net/oscms-prodcms/media/documents/Microeconomics2e-OP.pdf
Read Chapter 5
Video Resources
2. Market Power. (2019 Aug. 20). How to understand elasticity (Economics). [Video]. Youtube
Learning Journal
The Learning Journal is a space where you should reflect on what was learned during the week and how it applies to your daily life and will help you with your life (career) goals.
Learning Journal prompt:
I. Refer to the Unit 3 Learning Journal Elasticity Tables document to complete the assignment.
User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.
done
Seen
2 mins ago
done Answer
requirements
university of the people
Bus 1103 Microeconomics
Prioritised Tutors
Your Statistics
data_usage
85%
assignment_turned_in
12
assignment_late
6
alarm_off
0
monetization_on
33%
settings
automatch is on
Bids outside the student’s time limit and budget cannot be matched.
$(function () {
SPTutorBidCalculatorFinalizationController.init({
‘defaultPrices’ : {“1″:”$1.00″,”3″:”$3.00″,”5″:”$5.00″,”7″:”$7.00″,”10″:”$10.00″,”15″:”$15.00″,”20″:”$20.00″,”25″:”$25.00″,”30″:”$30.00″,”35″:”$35.00″,”40″:”$40.00″,”50″:”$50.00″,”60″:”$60.00″,”70″:”$70.00″,”80″:”$80.00″,”90″:”$90.00″,”100″:”$100.00″,”125″:”$125.00″,”150″:”$150.00″,”175″:”$175.00″,”200″:”$200.00″,”250″:”$250.00″,”300″:”$300.00″,”400″:”$400.00″,”500″:”$500.00″,”600″:”$600.00″,”700″:”$700.00″,”800″:”$800.00″,”900″:”$900.00″,”1000″:”$1000.00”},
‘defaultPrice’ : 1.00,
‘educationLevel’ : 2,
‘defaultTime’ : 3,
‘defaultTimeType’ : 1,
‘bidExist’ : false });
});
Bid On Question
?
Submit a bid to answer the question. If your bid is accepted, you will be the only tutor who can work on the question.
Payments are released to you once you provide a satisfactory answer before the deadline. For help estimating a reasonable bid, use our calculator.
Price
$1.00
$1.00
$3.00
$5.00
$7.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
$100.00
$125.00
$150.00
$175.00
$200.00
$250.00
$300.00
$400.00
$500.00
$600.00
$700.00
$800.00
$900.00
$1000.00
cached
Calculator
info
The price you quoted is higher than the student’s budget range.
info
You can’t bid below the student’s budget.
How the price calculator works
clear
Please give a rough estimate of how many hours you think it would take to complete this question. Studypool will recommend a budget based on our
price guide
.
College Level Questions:
$25.00 per hour
HOURS
timer
=
PRICE
attach_money
Note:
If the calculated price is lower than the student’s budget, we will automatically increase the price to match the student’s budget.
Delivery Time
Days
Hours
cached
info
The time you require to work on the question is longer than what the student has specified.
A 33% commission rate will be deducted upon completing this question. Learn More
Finalize Bid
If chosen to answer this question, I commit to resolve it within the proposed timeframe. I also attest that I am qualified to answer this question and possess the knowledge, education or qualities requested by the student.
Place Bid
Bids (10)
Guru_Anne
group
Isabela State University
(2041)
1/43 (97.73%)
1/14 (93.33%)
$5.00
3 days
58
1
assignment 0
Syntax005
group
university of education
(2022)
7/59 (89.39%)
2/8 (80.00%)
$1.00
3 days
77
4
assignment 2
joergepul411
group
University College Of Management And Sciences Khanewal
(659)
1/63 (98.44%)
1/2 (66.67%)
$50.00
3 days
81
11
assignment 6
Vndungu11
(20981)
48/1247 (96.29%)
86/1780 (95.39%)
$10.00
3 days
2925
95
assignment 2
Vivikacess
University of Oxford
(5263)
7/255 (97.33%)
6/55 (90.16%)
$1.00
3 days
332
19
assignment 5
DrXililala
Daystar University
(2738)
2/97 (97.98%)
8/34 (80.95%)
$15.00
3 days
152
11
assignment 0
N/A
cleanxwriter
University Of Nairobi
(1711)
2/71 (97.26%)
0/15 (100.00%)
$1.00
3 days
88
2
assignment 0
semyon42
Chelyabinsk State University
(863)
0/35 (100.00%)
6/7 (53.85%)
$1.00
3 days
46
2
assignment 0
staroneso123
University Of Malakand
(714)
1/13 (92.86%)
0/0 (N/A)
$1.00
3 days
13
0
assignment 1
baglamukhi
Havard university California
(193)
2/11 (84.62%)
0/0 (N/A)
$1.00
3 days
11
3
assignment 1
Download our Tutor exclusive app for free! Browse, bid and receive status updates directly to your phone!
BACK
Confirm tutor
Do you want to start working with this tutor?
assignment
BUS 1103 Microeconomics LEARNING JOURNAL
check_box_outline_blank
I acknowledge that Studypool did NOT recommend this tutor for your question and I understand that
non-recommended tutors might provide low-quality help and result in an unsatisfactory experience.
CONFIRM TUTOR
Please wait…
By confirming this tutor you agree to our Terms of Service, and you’ve familiarized yourself with our Refund Policy.
How to get the Best Tutors!
attach_money
CORRECT BUDGETS
Make sure your Budget range is not too low. Higher budgets will attract quality tutors.
create
DETAILED DESCRIPTION
Make sure to describe your question and requirements in as much detail as possible. The more information you can give the tutor, the better!
school
EDUCATION LEVEL
Make sure you choose the appropriate education level for your questions. Education levels that are not aligned with your questions will result in bad answers.
×
Download Original File
×
Ongoing Conversations
Celso Student
block
close
This chat is closed. To reopen it, send the tutor a message.
The student has left the conversation. This chat is now closed.
A tutor has been assigned to this question. This chat is now closed.
Almost there!
Let’s finish setting up your account!
USERNAME
PASSWORD
You agree to our Terms of Service & Honor Code.
(function() {
var _fbq = window._fbq || (window._fbq = []);
if (!_fbq.loaded) {
var fbds = document.createElement(‘script’);
fbds.async = true;
fbds.src = ‘//connect.facebook.net/en_US/fbds.js’;
var s = document.getElementsByTagName(‘script’)[0];
s.parentNode.insertBefore(fbds, s);
_fbq.loaded = true;
}
})();
window._fbq = window._fbq || [];
window._fbq.push([‘track’, ‘6016684760978’, {‘value’:’0.01′,’currency’:’USD’}]);
/*
(function() {
var _fbq = window._fbq || (window._fbq = []);
if (!_fbq.loaded) {
var fbds = document.createElement(‘script’);
fbds.async = true;
fbds.src = ‘//connect.facebook.net/en_US/fbds.js’;
var s = document.getElementsByTagName(‘script’)[0];
s.parentNode.insertBefore(fbds, s);
_fbq.loaded = true;
}
})();
window._fbq = window._fbq || [];
window._fbq.push([‘track’, ‘6013272518778’, {‘value’:’0.01′,’currency’:’USD’}]);
As seen on
var send = 0;
function change(){
$(‘#resend’).show();
}
function resend(){
alert(‘You have already verified your email address. Please click “Login” on the navigation bar and login to your Studypool account directly.’);
}
Verify your email
Please verify your email address: promiseoringo385@gmail.com
If you did not receive our email, Check Your Spam Folder and mark our email as not-spam. Thank you!
Did you type in the wrong email?
Resend Verification Email
Login to email
var fb_param = {};
fb_param.pixel_id = ‘6010589096578’;
fb_param.value = ‘0.00’;
fb_param.currency = ‘USD’;
(function(){
var fpw = document.createElement(‘script’);
fpw.async = true;
fpw.src = ‘//connect.facebook.net/en_US/fp.js’;
var ref = document.getElementsByTagName(‘script’)[0];
ref.parentNode.insertBefore(fpw, ref);
})();
/*
(function() {
var _fbq = window._fbq || (window._fbq = []);
if (!_fbq.loaded) {
var fbds = document.createElement(‘script’);
fbds.async = true;
fbds.src = ‘//connect.facebook.net/en_US/fbds.js’;
var s = document.getElementsByTagName(‘script’)[0];
s.parentNode.insertBefore(fbds, s);
_fbq.loaded = true;
}
})();
window._fbq = window._fbq || [];
window._fbq.push([‘track’, ‘6013272518778’, {‘value’:’0.01′,’currency’:’USD’}]);
(function() {
var _fbq = window._fbq || (window._fbq = []);
if (!_fbq.loaded) {
var fbds = document.createElement(‘script’);
fbds.async = true;
fbds.src = ‘//connect.facebook.net/en_US/fbds.js’;
var s = document.getElementsByTagName(‘script’)[0];
s.parentNode.insertBefore(fbds, s);
_fbq.loaded = true;
}
})();
window._fbq = window._fbq || [];
window._fbq.push([‘track’, ‘6016684760978’, {‘value’:’0.01′,’currency’:’USD’}]);
Student Privacy
Sharing information, including screenshots, regarding any question or student on Studypool with any third parties is strictly prohibited per our user privacy policy.
A breach could result in legal action against you by Studypool and/or any student(s) involved.
check_box
I acknowledge that compromising user’s privacy is illegal / against Studypool’s terms, and could result in legal actions against me.
OKAY
Edit Budget
You are unable to update your budget because your question has already received a bid from an invited tutor. If you wish to repost your question with a different budget, please click “Post New Question”.
POST NEW QUESTION
CANCEL
Why am I not finding good tutors?
Time Limit
Make sure your selected time limit ( 3 Days ) is reasonable. Tutors will not bid on questions if they are not confident they can answer it in time.
Budget
Make sure your budget ( $1.00 ) is fair considering the question size and difficulty. The higher your budget, the more high quality tutors will bid on your question.
Clear description
Make sure your question description is strong and detailed. All related material should be attached. Tutors do not like to bid on unclear / vague questions.
OKAY
How it works
Wait for bids
Tutors are reviewing your question, and our team is evaluating them to recommend the tutor(s) best equipped to answer your question. This may take up to 10 minutes.
Pick a Tutor
Once you receive bids you may freely choose from our list of recommended tutors or make your own decision.
Get Help
The tutor whose bid you chose will provide an answer to your question that meets your outlined requirements, within the time limit stated in their bid.
Review Tutor
Once you are happy with the help you’ve received, review the tutor to release the payment.
info
Top Tutors, Rising Stars and tutors with subject badges relevant to your question topic provide the best quality. Partner tutors are verified by Studypool.
UNDERSTOOD
Edit Question
Editing your question will delete all your existing bids and repost your question.
Do you wish to edit and repost your question?
REPOST QUESTION
CANCEL
Edit Budget
You are unable to update your budget because your question has already received a bid from an invited tutor. If you wish to repost your question with a different budget, please click “Post New Question.”
POST NEW QUESTION
CANCEL
Share Access
Give up to 3 friends access to view this question. To invite someone, input their email address or Studypool username and click “Add”.
Add
This user already has access.
You can only share access with up to 3 people at a time.
Please enter a valid email address.
Failed to add user. Please try again.
Unable to share with user.
share
You have not shared access with anyone yet
How Bidding Works
Bids are reviewed by Studypool’s tutor quality algorithm. Recommendations (or an automatch) are made for those best equipped to answer the question.
Your satisfaction rate and overdue history play a big role in whether you are recommended.
To guarantee payment for good work, students are required to pay a deposit equal to your bid price.
Deposits are held securely by Studypool and are released to you once you provide a satisfactory answer within the time limit.
Okay
Delete this bid?
You are about to delete your bid, doing so will prevent you from bidding again. Are you sure?
If you want to adjust your price or delivery time, update your bid instead.
Cancel Okay
Our Partner Countries
These are the countries currently available for verification, with more to come!
United States
Canada
Mexico
American Samoa
Guam
Northern Mariana Islands
Europe(Continental)
Moldova
Guernsey
South Africa
China
Israel
Japan
South Korea
Taiwan
Australia
New Zealand
Argentina
Brazil
Chile
Venezuela
Okay
Become a Tutor,
Earn up to $7,500/mo
Would you like to help your fellow students? Are you in need of an additional source of income? Apply to become a tutor on Studypool! Our best tutors earn over $7,500 each month!
Learn More
$(function () {
window.spPopupManagerModule.init({
‘_popup_types’: {
“onboarding” : “1”,
“system” : “2”,
“userAction” : “3”,
“marketing” : “4”,
“userAnnouncement” : “5”
},
‘_templates_to_classes’: {
“//v3_popup/templates/spStandardPopup” : “standard-popup”,
“//v3_popup/templates/spOffsetPopup” : “offset-popup”,
“//v3_popup/templates/spHeaderPopup” : “header-popup”,
“//v3_popup/templates/spFullScreenPopup” : “fullscreen-popup”,
“//v3_popup/templates/spStandardQandaPopup”: “standard-qanda-popup”,
“//v3_popup/templates/spOnboardingPopup” : “onboarding-popup”
},
‘_popups’:[],
‘_popupIdSequence’: [] });
// Initialize Tutor Invites Events Controller
window.spTutorInvitesEventsController.init();
});
/*
window.NREUM||(NREUM={});NREUM.info={“beacon”:”bam.nr-data.net”,”licenseKey”:”1f5f12fd45″,”applicationID”:”10037725″,”transactionName”:”Zl0EYksAWhdXAUcKX18XJ1VNCFsKGTNGBkNFUQlYSiJbCkIQXA9cVEpJQFAEQw==”,”queueTime”:0,”applicationTime”:1507,”atts”:”ShoTFAMaFhdGPV8MV1ZdAmlMElEWFFgRUQIFAVIDCkNJSBQDEVlLTEU=”,”errorBeacon”:”bam.nr-data.net”,”agent”:””}
