American Intercontinential University Price Elasticity of Demand Discussion
Question Description
Assignment Details
Price elasticity of demand measures consumers responsiveness to changes in the price of a good. There are a number of variables that affect consumers decisions, among them the following:
- The availability of substitutes
- The specific nature of the good
- The percent of the income spent on the good
- The time consumers have to buy the good
Please draw on your experiences as a consumer and your Unit 2 readings to address the following 4 topics. Make sure you use economic concepts in your main contribution.
- Choose a product that you have purchased in the past 13 months from a clothing or shoe store.
- Describe how each of the 4 factors listed above contributed to the elasticity of the good.
- Is the demand for the product considered elastic, inelastic, or unitary elastic?
- What effect does the current supply and current demand have on this product?
In your own words, post a response to the Discussion Board, and comment on at least 2 other postings. You will be graded on both level of engagement and the quality of the contribution to the discussion.
Discussion Board Reminders:
- Must have three posts: A Main Post and two replies to peers.
- First post: Either your main post or a reply to others must be posted before midnight CT (Central time) on Friday of each week.
- Second and third post: Must be posted on a different day from the first post.
- Connect to Content: At least one post must refer to course learning materials. See the Academic Resource on Discussion Boards for help with connecting to the content.
- Engaging in Class Discussions: For more information on making the most of your class dialog, review the Academic Resource on Discussion Boards.
Grading Rubric
Assignment Criteria | Proficient Descriptor | Points |
Quality of Main Post 27 Points Total |
Students main post meets or exceeds the following requirements
|
/27 pts. |
Response to Peers 24 Points Total |
|
/24 pts. |
Support from Learning Resources 4 Points Total |
At least one post refers to course learning resources. | /4 pts. |
Professional Writing 5 Points Total |
Response is well-organized, clear and free of grammatical and mechanical errors. Posts demonstrate courtesy and respect for others. |
/5 pts. |
Total | /60 pts. |
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