{"id":9017,"date":"2020-09-30T08:12:30","date_gmt":"2020-09-30T08:12:30","guid":{"rendered":"https:\/\/papersspot.com\/blog\/?p=9017"},"modified":"2020-09-30T08:12:34","modified_gmt":"2020-09-30T08:12:34","slug":"discussion-1-price-elasticities-of-demand-and-supply-812-discussion-group-2","status":"publish","type":"post","link":"https:\/\/papersspot.com\/blog\/2020\/09\/30\/discussion-1-price-elasticities-of-demand-and-supply-812-discussion-group-2\/","title":{"rendered":"Discussion 1: Price Elasticities of Demand and Supply &#8211; 812 Discussion Group 2"},"content":{"rendered":"\n<p>In Lesson 1 and Lesson 2, you learned that price elasticities of demand and supply are important for understanding the response of consumers and producers to changing demand and supply conditions. If any producer faces a perfectly inelastic demand for its products or services, the quantity demanded will not decline with increasing prices due to the fact that consumers cannot react to changes in prices with inelastic demand (see, for example, the cases in Section 2.4 of Pindyck and Rubinfeld, 2017). This means that regardless of the price the producer charges on such products or services, the consumer must get this product or service at the same quantities.<\/p>\n\n\n\n<p>Related to this concept, one of the textbook questions (Question 10 in Ch. 2 in Pindyck and Rubinfeld, 2017) asks the following:<\/p>\n\n\n\n<p>In a discussion of tuition rates, a university official argues that the demand for admission is completely price inelastic. As evidence, she notes that while the university has doubled its tuition (in real terms) over the past 15 years, neither the number nor quality of students applying has decreased. Would you accept this argument? Explain briefly. (Hint: The official makes an assertion about the demand for admission, but does she actually observe a demand curve? What else could be going on?)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Directions<\/h2>\n\n\n\n<p>Please discuss all of the following questions in your initial submission.<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Can there be such a case that producers can charge whatever price they want without any limit? Explain your answer. Try to find some examples.<\/li><li>Even if consumers do not react to higher prices in the short run, is there a chance that they may react in the longer run? Explain your answer. Try to find some examples.<\/li><li>In addition to inelastic demand, what else may explain increasing demand despite increasing prices? Suggest three possible reasons. Explain your answer and give examples.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Participation Expectations<\/h2>\n\n\n\n<p>Your initial discussion submission to the questions above must be <em>at least 400 words<\/em> and specifically reference some concept or content from the coursework lesson. You must complete your initial comment <em>by the end of Lesson 2<\/em>. See the Course Schedule for dates. Please note that you cannot edit, change, or delete your submissions. Thus, please double check your submission before you submit it.<\/p>\n\n\n\n<p>After completing your initial submission, you will be able to see the comments by your peers. Read the posts your peers have made, and reply to <em>at least two<\/em> students by providing them with suggestions to improve their answers, making comments, or asking questions about their comments. Peer responses should reflect one or more of these types: (1) agreement with extension, (2) an alternative perspective with rationale, or (3) a respectful challenge with counterargument. Each of your peer responses are expected to be <em>at least 100 words<\/em> (in total at least 200 words). You must complete your peer comments <em>by the end of Lesson 3<\/em>. See the course schedule for dates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rubric<\/h2>\n\n\n\n<p>The weight of this assignment is 4% of the final grade. Please note that the accompanying rubric will be used for your complete submissions, including the initial comments and peer comments. To view the rubric, click the <strong>three dots icon<\/strong> towards the top right of the page, and select <strong>Show Rubric<\/strong>. Seventy percent of your grade is for initial comments and 30% of your grade will be for peer comments. If you don\u2019t respond to peer comments, you will lose 30% of your discussion grade.\u00a0<\/p>\n\n\n\n<p><span class=\"has-inline-color has-pale-cyan-blue-color\">WE&#8217;VE HAD A GOOD SUCCESS RATE ON THIS ASSIGNMENT. PLACE THIS ORDER OR A SIMILAR ORDER WITH US AND GET AN AMAZING DISCOUNT<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/homeworkaider.com\/wp-content\/uploads\/2019\/11\/weer.png\" alt=\"This image has an empty alt attribute; its file name is weer.png\"\/><\/figure>\n\n\n\n<p>From <a href=\"https:\/\/psu.instructure.com\/courses\/2013985\">MBADM 812 FA19<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Lesson 1 and Lesson 2, you learned that price elasticities of demand and supply are important for understanding the response of consumers and producers to changing demand and supply conditions. If any producer faces a perfectly inelastic demand for its products or services, the quantity demanded will not decline with increasing prices due to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9017","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/9017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=9017"}],"version-history":[{"count":1,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/9017\/revisions"}],"predecessor-version":[{"id":9018,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/9017\/revisions\/9018"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=9017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=9017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=9017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}