Problem: Chapter examines the government's controls to regulate business decisions on production. Alternatively, Chapter Elasticity is the willingness of customers to pay more or less for a product. The two concepts contradict each other because some people are willing to pay more for products they demand, regardless of those government controls. Expand on the following concepts for your answers:
1. Write one paragraph discussing how taxes and environmental protection force businesses to alter their production and pricing and develop strategies to be green. Provide one example of a company that faces these challenges. (Make sure you support your opinion with academic resources such as journal articles found on the HCCC Library website databases under research.)
2. Write one paragraph your willingness to pay more for a product. Provide an example of a product you use in your life that changes your elasticity curve. Explain which way the curve slopes and if pricing changes and if the slope would also change.
3. Write one paragraph reflecting on the need for restrictions now so that resources and the environment are still good for the future. What laws, regulations, or taxes need to change or be altered so that the future outlook on certain products is positive?
(Make sure you support your opinion with academic resources such as journal articles found on the HCCC Library website databases under: research.)