New Ever Week 5 Final Paper comprises: Thesis statement: Native American History Economics – General Economics Circular Flow Diagram . Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market. Supply and Demand . Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand.
Did the change in price affect your session to purchase the item? Elasticity . Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic: a. Bottled water b. Toothpaste c. Cookie dough ice cream d. Fresh green beans e. Gasoline In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand. Externalities . Explain the difference between a positive and negative externalities. In your analysis, make sure to provide an example of each type of externalities.
Why does he government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples? Raise or Lower Tuition? You have been hired by Nobody State University (NSA) as a consultant to help the university with how to increase their total revenue. The university has been struggling in recent years, so they have hired you to help them in their last attempt to find an appropriate solution so that the university can survive. General Economics Test Notes By holocausts 981 State University increases its outwit…
