Help For Your Introductory Economics Course

It’s a really big week in ECO-201.  Have no fear, your resources for survival are here… Milestone Two Resources: How to use the spreadsheet to create a graph for the supply and demand section ***Use the link in the announcements of Brightspace or the General Questions Discussion Board to access the Excel spreadsheet that will help you create your required graphical representation of data*** Milestone Two Tips: How to Write an Exemplary Section on Supply and Demand (Example Included) Milestone Two Tips: Writing an Exemplary Section on Elasticity of Demand Milestone Two Tips on Critical Element “Price Elasticity of Demand: Pricing Decisions” Tips on Milestones Two and Three: Help With Using Financial Statements Milestone Two Tips to Get Started with Writing About Demand Milestone Two Tips to Get Started with Writing About Supply Milestone Two Rubric Milestone Two Video APA guidelines Historical Webinars on the  ECO YouTube Channel Homework 4 Resources: Sample Problem: Economic P...

Price elasticity of demand is one of the most difficult concepts in microeconomics making this week feel more challenging than usual for many students.  Here are some resources to help you navigate week 3: Check this video out for an explanation of the 3 rd discussion to help avoid the commonly made mistakes! Other helpful resources on price elasticity of demand. Price Elasticity of Demand Video Price Elasticity of Gasoline Example Elasticity of Demand Explained Khan Academy Videos on Price Elasticity of Demand Mr. Clifford’s Explanation of PED and TR Test Helpful resources for Homework 3: Sample Problem: Substitutes Price Elasticity of Demand Sample Problems Thinking ahead to milestone two…this is a big assignment and it will serve you well if you can get an early start on it: Milestone Two Tips to Get Started with Writing About Demand Milestone Two Tips to Get Started with Writing About Supply Milestone Two Tips: How to Write an Exemplary Section on Supply and Demand (Example I...

One of the critical elements covered in the material this week is to analyze information and data related to the demand and supply for your firm’s product(s) to support your recommendation for the firm’s actions . You will include a graphical representation of the data and information used in your analysis . In a previous post I discussed the different aspects of demand that you could cover in your paper. You’ll want to think in terms of the factors mentioned that can impact demand for your firm (income, prices of related goods, tastes, population, demographics, and expected future prices) and make recommendations to the firm based on what you know from that research. This post will focus on how to analyze supply in this post since we haven’t covered that in detail yet and provide some ideas of concepts related to supply that could be applied to your firm. You don’t need to discuss everything I cover in this post; this is just to provide some ideas to help you get started on your rese...

One of the critical elements covered in the material this week is to evaluate the trends in demand over time and explain their impact on the industry and on the firm . But how do you evaluate the trends in demand over time and explain their impact on the industry and the firm? Here are some ideas of concepts that could be applied to your firm to help you evaluate the trends in demand. You don’t need to discuss everything I cover in this post; this is just to provide some ideas to help you get started on your research! Market demand is the demand by all the consumers of a given good or service. Find out who your customers are and provide detail on them. Use annual sales data to find out how much of the product is purchased. You should have received the Supply and Demand Help Excel Spreadsheet via email that will help you walk through the process of gathering and analyzing data. The main question to ask yourself as you analyze the data is: how has the annual sales data changed over time?...

In this portion of your paper you will need to accurately assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growths. A good place to look to help you answer this question is in section 6.3 of your text: The Relationship between Price Elasticity of Demand and Total Revenue (pg. 181-184). When you write this section you should already have used several of the 5 determinants of elasticity of demand to determine whether or not your firm’s product faces an elastic or inelastic demand curve. If you are struggling with that section, look for an announcement posted this week that goes through these 5 determinates at length. Before we get into the relationship between elasticity of demand and total revenue, we should first understand what total revenue is and how it is calculated. Total revenue is the total amount of funds a seller receives from selling a good or service, which is calculated by multiplying the price per unit by the number of units sold. ...

In order to receive an exemplary score on the 3 different elements of the elasticity of demand section, you’ll need to meet the following criteria: - Analyze available data and information to justify how the price elasticity of demand for the firm’s product was determined and use research to illustrate these claims ( see underlined text in the sample paper for an example of how to meet these criteria ). In other words, be sure to state whether you have concluded the demand for your good is elastic or inelastic and use specific evidence to explain why. While you may be able to find enough information to calculate the price elasticity of demand, this is not required. You can use research on the factors of consumer responsiveness or evidence based on pricing and revenue growth to support your claim. - Explain all 5 factors that affect consumer responsiveness to price changes for the product using the concept of price elasticity of demand as a guide (see bold text in the sample paper) . T...

Target (Example) • For finding Revenue you should find the Income Statement for your firm. The Income Statement (example below) is where you will find Revenues (needed for Milestone Two), Costs (needed for Milestone Three), and Net Earnings (or “Profit”). The first line will show you the revenue (or sales) and the line immediately below the total sales will show you the Costs of Goods Sold (COGS). Sometimes this is also called Cost of Revenue or Cost of Sales. These are the VARIABLE COSTS that your firms face, which is important in Milestone 3! Right beneath your variable costs you should see Selling General and Administrative expenses (SG&A), which are your FIXED COSTS. There is another post that explains why fixed and variable costs differ, but for now I want to focus on where you will see these costs on your Income Statement. • Notice for Total Revenues it shows from 2009 to 2014. If there isn’t a chart provided in the income statement that shows that trend you’ll need to cre...

There are five determinants that we can use to determine whether the demand for your product is likely to be elastic or inelastic. You should cover at least two or three of the following characteristics to receive a score of proficient (or all five to receive an exemplary) and apply them to your product to support your determination of elastic or inelastic demand. Here is an example of the application of these determinants to gasoline, as we previously covered in a discussion board assignment. The availability of close substitutes to the good : Thinking back to module two, we learned that substitutes are goods and services that can be used for the same purpose.  If consumers have few options for substitutes, as in the case of gasoline, when the price rises the quantity demanded only falls slightly.  If few substitutes are available, the demand for the good tends to be more inelastic.  The demand for a good with many substitutes tends to be more elastic. The passage of ti...