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Elasticity With the introduction of the benefits of markets to improving outcomes for producers and consumers and examining the role of costs and prices in

Elasticity

With the introduction of the benefits of markets to improving outcomes for producers and consumers and examining the role of costs and prices in decision-making. Please answer the below questions in the form of an essay. Support your answers with research from at least three peer-reviewed journal articles.

  1. Research elasticity information for two particular goods: one with elastic demand and one with inelastic demand. Using elasticity information you gather, predict changes in demand. TheUnited States Department of Agriculture websitehas a good resource to help with this.
  2. Describe how marginal analysis, by avoiding sunk costs, leads to better pricing decisions.
  3. Explain the importance of opportunity costs to decision-making and how opportunity costs lead to a trade.
  4. Evaluate how better business decisions can benefit not just the producer but the consumer and society as a whole. In your evaluation, contrast the deontology and consequentialism approaches to ethics.

must beat leastthree pages in length (not counting the title and references pages) and include at least three peer-reviewed resources, including citations and references for sources used. Be sure to include an introduction. Please note that no abstract is needed.

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