Economics & Global Business Apps

Economics & Global Business Apps This is a paper you wrote for me that came back as needing to be revised. I am graded on a 4 point scale for each section. I’ve included the grading scale as one of the documents you can refer to. 1 meaning does not meet expectations, 2 meaning needs revision 3 meaning meets standards and 4 meaning Exemplary. The areas that are needing to be revised are as follows: B. Score: 1.00 Comments on this criterion (optional): The work provides a definition of cross price elasticity. It mentions substitutes and complements but does not appear to explain their coefficients. E1. Score: 1.00 Comments on this criterion (optional): The work discusses a 2% increase in a car payment and accurately identifies that would be an elastic purchase. It does not appear to compare a similar increase in a lower priced item. G. Score: 1.00 Comments on this criterion (optional): The work provides quantity ranges. The rubric requires identification of a price range. I will also give you the original requirements. Which are: Introduction: Economists use elasticity to measure consumer responsiveness to changes in the various determinants associated with demand. Elasticity addresses percentage changes i.e. a percentage change in quantity demanded divided by a percentage change in (own price, the price of another good, or income). Understanding elasticity is important to businesses and policy makers alike as they consider how a potential change will impact markets when consumers adjust their purchasing behaviors. Task: B. Discuss cross price elasticity as it pertains to substitute goods and complementary goods. E. Discuss the €æ€œProportion of Income Devoted to a Good€ concept by contrasting two products typically purchased each month. 1. Address, in your discussion, specific examples of how the same percentage change in the price of both goods affects the percentage change in the quantity demanded for each of the two goods. G. Identify by price range the areas on the demand curve where demand is elastic, inelastic, and unit elastic using the attached €æ€œGraphs for Elasticity of Demand, Total Revenue.€ 1. Explain the corresponding impact on total revenue for each of the three price ranges indentified in part G.

Posted in Uncategorized