Posted: December 10th, 2015

Discuss how you can use the concept of Price Elasticity of Demand and the the Total-Revenue Test to reach this goal

Elasticity Journal

One of my goals is to help you to look at Micro Economics through our daily life experiences.  Does our economy really have an impact on our life?  I have chosen specific weeks ( 2, 4, and 8) when I want you to write your thoughts, views and opinions about specific economic topics. Â
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This will allow me to write back and  find out  how you see economics.  These journals would be kept private.  I will be the only person able to view and make comments.  I would ask you: when you are writing in your journal, please label the week # and the Topic name.

I look forward to read your posts where you can express  your thoughts about a subject that relates to so many of us our economy.Â

My expectations are that you have a fun doing this and that you can learn to formulate and express your ideas.   I have assigned a different length for each topic between 300-500 words. If you would like to go beyond that is up to you.  But the shorter posts would loose some points.
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The Week 2 topic is Elasticity. Think about yourself as the manager of the business of your choice. Your goal is to increase the business’s revenue. Discuss how you can use the concept of Price Elasticity of Demand and the the Total-Revenue Test to reach this goal. Length: 300-500 words.
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Grading Criteria:
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Strong/Mastered (9-10 points): main idea is clear; numerous details are used to develop the main idea; the logical pattern of the text organization; each paragraph focuses on one strong supportive point; topic subject lent to industry examples and relative statistics where it is relevant; text is free of errors in grammar.
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Adequate/Validated (6-8 points):  main idea is clear; sufficient details are used to develop the main idea; the logical pattern is present with perhaps minor inconsistencies; topic subject supported examples; text may contain some errors in grammar.
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Weak/Developing (1-5 points): main idea is unclear or ineffectively placed; very few or no details are used to develop main idea; there is no logical pattern in the text organization; topic subject was not supported examples; there are frequent errors in grammar

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