Unit
II Essay
Unit I introduced the benefits of markets to improving
outcomes for producers and consumers. Unit II examined the role of costs and
prices in decision-making. For this assignment, you will answer a series of
questions in the form of an essay. Support your answers with research from at
least three peer-reviewed journal articles using the CSU Online Library (or
other sources).
Research
elasticity information for two particular goods: one with an elastic
demand and one with an inelastic demand. Using elasticity information you
gather, predict changes in demand. The United
States Department of Agriculture website has a good resource
to help with this.
Describe
how marginal analysis, by avoiding sunk costs, leads to better pricing
decisions.
Explain
the importance of opportunity costs to decision-making and how opportunity
costs lead to trade.
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.
Your essay must be at least three pages in length
(not counting the title and references pages) and include at least three
peer-reviewed resources. Adhere to APA Style when writing your essay, including
citations and references for sources used. Be sure to include an introduction.
Please note that no abstract is needed.
If you need help identifying peer-reviewed publications,
review the CSU Online Library resources Peer-Reviewed Resources and video How
to Find Peer-Reviewed Resources (Transcript for Peer-Reviewed Resources video).
Refer to the Sample Paper with Proper APA Formatting first
introduced in the Unit I Lesson for formatting purposes.
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