Problem: What are economies of scale? Give an example. What are the graphic relationships among fixed, variable, total, average, and marginal costs? What is the relationship between productivity, cost of inputs, and the cost of production?
Can you give me a good topic to write this paper on? I am at a blank with this paper.
1) Select a good or service produced by a organization you are familiar with. Is the price elasticity of demand for this product price elastic or price inelastic? Based on this determination what would be the impact of raising the price of the product? What would be the impact of lowering the price of the product?
2) Using the same good or service selected in question 1, determine substitutes and compliments, and answer the following questions:
a) What has happened to the price of the substitutes and complimentary goods/ services for your selected product over the last year?
b) How have price adjustments impacted the demand for the selected product?