Supply and demand concepts have application in everyday life. They also directly impact the business person in daily decisions. Task: A. Define the following three terms: 1. Elasticity of demand 2. Cross-price elasticity (include substitutes and complements) 3. Income elasticity (include normal and inferior goods) B. Explain the elasticity coefficients for each of the three terms defined in part A. C. Contrast the terms defined in part A. 1. Explain the significance of differences among the three terms you contrasted in part C. D. Explain whether demand would tend to be more or less elastic for each of the following three determinants of elasticity demand: 1. Availability of substitutes 2. Share of consumer income devoted to a good 3. Consumerâ€™s time horizon E. Provide an example for each of the three determinants in part D. 1. Explain the logical impacts to business decision making that result from each of the examples you provided in part E. F. Differentiate between perfectly inelastic demand and perfectly elastic demand. 1. Illustrate the difference between the terms in part F with specific descriptions or graphs. G. Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached â€œGraphs for Elasticity of Demand, Total Revenue.â€ Include the impacts to quantity demanded and total revenue when there is a price decrease, ceteris paribus. 1. Elastic range 2. Inelastic range 3. Unit-elastic range H. Include all in-text citations and references in APA format.
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