economics and price elasticity essay
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages To Order 5-10 Pages Description/Paper Instructions
1. Qiqi, a highly motivated entrepreneur plans on applying for a business loan from Bank of America. She finds out that the percent change in price of business loans increased to 5% last month. This resulted in a 50% percent change in quantity demanded from 1000 applicants to 500 applicants. What is the business loan’s price elasticity?
2. Angeline, a bright college student finds out that the iPhone 8 was just launched this past week in Cupertino, CA. She along with the thousands of consumers plans on purchasing the iPhone 8 from Best Buy due to a price decrease from $899.99 to $649.99. Apple expects to see the quantity demanded for iPhone 8 to rise from 2 million to 3 million by the end of the year. What is the iPhone 8’s elasticity of demand?
3. Kenny is a terrific athlete as he is the captain of his basketball team. The championship game is this weekend, so he plans on buying new shoes for his entire team from Dick’s Sporting Goods, but realizes that the price of socks increased from $5.00 a pair to $8.00 a pair. Now, Kenny only consumes 3 Nike Air Jordan shoes instead of his initial intent of purchasing 10 shoes. What is the cross price elasticity of demand for a Nike Air Jordan shoe with respect to a sock’s price?
4. Franklin is a skilled mechanical engineer, the president of his labor union at BMW, and an aspiring chef by night. Collective bargaining talks seem to sour with executives and looks as if a pay cut will be implemented by the end of the year. Many employees will be affected, especially his salary of $120,000 a year reduced to $100,000 a year. This expectation of a pay cut has changed his consumption habits for wild caught salmon of 40 per week to 25 per week. Franklin now plans on purchasing more farm raised salmon in lieu of wild caught salmon increasing his consumption from 10 per week to 60 week. What is Franklin’s income elasticity of demand for farm raised salmon? What is Franklin’s income elasticity of demand for wild caught salmon?
5. Dell has gone through some market challenges these past few years, especially with the desktop market. If the prices of desktop computers decreases by 14% last quarter resulting in an increase of 12% in quantity demanded, then Dell will decrease the quantity supplied of desktops by 10%. What is the price elasticity of supply for Dell desktops?
6. The price of cell phones rose slightly higher from $500.00 to $550.00 this past month, and Samsung found out about Apple’s release of the iPhone X, so in turn it decided to increase production of its Galaxy S8 from 150,000 to 300,000 to compete with its rival. What is the price elasticity of supply for Galaxy S8 phones?
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. The can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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