Assignment
1. IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below). The term (including example) should be no more than 50 words.The following rubric is used to assess each term: -Description of term (in your own words) - Integration of example Term: price elasticity of demand (*** Instead using an example of this term, calculate the following: point X has a price of $15 and a quantity demanded of 15. Point Y has a price of $10 and a quantity demanded of 18)
2. IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below). The term (including example) should be no more than 50 words. The following rubric is used to assess each term: -Description of term (in your own words) - Integration of example Term: Monopolistic Competition
3. IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below). The term (including example) should be no more than 50 words. The following rubric is used to assess each term: -Description of term (in your own words) - Integration of example Term: Monopoly
4. IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below). The term (including example) should be no more than 50 words. The following rubric is used to assess each term: -Description of term (in your own words) - Integration of example Term: Oligopoly
5. IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below). The term (including example) should be no more than 50 words. The following rubric is used to assess each term: -Description of term (in your own words) - Integration of example Term: Sunk Cost
6. Please answer the following question in your own words (between 100-150 words). Why wouldn't it make sense for an individual earning $5001 hour and working 10 hours a day to spend 3 hours (taken from the 10 hours) to shovel snow from their driveway? FYI- To hire someone to shovel snow costs $301 hour. -Justification and Accuracy of Answers (opinion, point articulation) -Spelling and Grammar (typos, grammar style, tone, flow)
7. Please answer the following question in your own words (between 100-150 words). How long can a business operate when achieving diseconomies of scale'? Explain your answer using a specific example/ scenario. Justification and Accuracy of Answers (opinion, point articulation) - Spelling and Grammar (typos, grammar style, tone, flow)
8. Please answer the following question in your own words (between 100-150 words). List the factors that describe a perfectly competitive market. Justification and Accuracy of Answers (opinion, point articulation) Spelling and Grammar (typos, grammar style, tone, flow)