Discussion: Examining Elasticity

Anonymous
timer Asked: Mar 21st, 2018
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Question Description

After watching the Section 5.3 Review and Section 6.2 Review videos, respond to the questions below.


Gas prices fluctuate often and in both directions. In your initial post, respond to the following:

  • How responsive do you think consumers will be to the price change when these fluctuations occur due to changes in supply? Why? Use the various determinants of elasticity to explain your answer.
  • How does the price elasticity of demand for gasoline impact the effectiveness of taxes on gasoline aimed at correcting a negative externality?

Consider incorporating the supply-and-demand model to demonstrate the elasticity of demand for gas and to show the effects of tax on the market for gas.

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Discussion Rubric: Undergraduate Your active participation in the discussion topics is essential to your overall success this term. Discussion questions are designed to help you make meaningful connections between the course content and the larger concepts and goals of the course. These discussions offer you the opportunity to express your own thoughts, ask questions for clarification, and gain insight from your classmates’ responses and instructor’s guidance. Requirements for Discussion Topic Assignments Students are required to post one initial post and to follow up with at least two response posts for each discussion topic assignment. For your initial post (1), you must do the following: Compose a post of one to two paragraphs. In Module One, complete the initial post by Thursday at 11:59 p.m. Eastern Time. In Modules Two through Eight, complete the initial post by Thursday at 11:59 p.m. of your local time zone. Take into consideration material such as course content and other discussion topics from the current module and previous modules, when appropriate (make sure you are using proper citation methods for your discipline when referencing scholarly or popular resources). For your response posts (2), you must do the following: Reply to at least two different classmates outside of your own initial post thread. In Module One, complete the two response posts by Sunday at 11:59 p.m. Eastern Time. In Modules Two through Eight, complete the two response posts by Sunday at 11:59 p.m. of your local time zone. Demonstrate more depth and thought than simply stating that “I agree” or “You are wrong.” Guidance is provided for you in each discussion prompt. Rubric Critical Elements Comprehension Exemplary (100%) Develops an initial post with an organized, clear point of view or idea using rich and significant detail Timeliness Engagement Proficient (85%) Develops an initial post with a point of view or idea using adequate organization and detail Submits initial post on time Provides relevant and meaningful response posts with clarifying explanation and detail Provides relevant response posts with some explanation and detail Needs Improvement (55%) Develops an initial post with a point of view or idea but with some gaps in organization and detail Submits initial post one day late Provides somewhat relevant response posts with some explanation and detail Not Evident (0%) Does not develop an initial post with an organized point of view or idea Value 40 Submits initial post two or more days late Provides response posts that are generic with little explanation or detail 10 30 Writing (Mechanics) Writes posts that are easily understood, clear, and concise using proper citation methods where applicable with no errors in citations Writes posts that are easily understood using proper citation methods where applicable with few errors in citations Writes posts that are understandable using proper citation methods where applicable with a number of errors in citations Writes posts that others are not able to understand and does not use proper citation methods where applicable Total 20 100% ...
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henryprofessor
School: Cornell University

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EXAMINING ELASTICITY

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Examining Elasticity
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EXAMINING ELASTICITY

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Examining Elasticity

Responsive Of Consumers to the Price Change
In the review video of section 6.2, it can be concluded that the consumers may not be
much sensitive to the price of the gas changes as a result of a change in supply. This is because
of the elasticity determinants which include first close substitute availability. With more
available substitute the demand elasticity is high. As there are few gasoline substitutes, then the
gasoline is inelastic. Another determinant is whether the good is a necessity or a luxury where
the luxury ...

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Anonymous
Thanks, good work

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