globalessaywriters-essay-writing agency

GB540 unit 2 assignment

GB540 unit 2 assignment

GB540 unit 2 assignment, According to the law of demand, if price increases, quantity demanded of a good or service will decrease or vice versa. Price elasticity of demand tells us how much quantity demanded will decrease when price increases or how much quantity demanded will increase if price decreases.

Need Help Writing an Essay?

Tell us about your assignment and we will find the best writer for your paper.

Write My Essay For Me

On the other hand, according to the law of supply, if the price increases, quantity supplied of a good or service will increase. Similarly, if price decreases, quantity supplied will decrease. The degree of sensitivity (responsiveness) of production/supply to a change in price is measured by the concept of price elasticity of supply.

Total revenue is calculated as the quantity of a good or service sold multiplied by its market price. Thus it is a measure of how much money a company makes from selling its product. The core objective of a firm is maximizing profit. One of the ways to maximize profit is increasing total revenue. The firm can increase its total revenue by selling more items or by raising the price. Among others, this depends on the nature of the price elasticity of demand. Moreover, the length of time is an important factor in determining price elasticity of demand and supply.

  • Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit? Explain using empirical examples.
  • Is the price elasticity of demand or supply more elastic over a shorter or a longer period of time? Why? Give examples.
  • What are the impacts of government and market imperfections (failures) on the price elasticities of demand and supply?

The Assignment should be a minimum of four pages in length, excluding title page and reference page. Your paper must incorporate several quality references, and it must be organized in APA format.

Submit your paper to the Unit 2 Dropbox by the end of Unit 2.

GB540 Unit 2 Assignment Rubric
Content and Analysis Points Possible Points Earned
  • Describe the Relationship between Economic Freedom and Variations in Wealth among countries.
10
  • Selected a country from the Index
5
  • Explain the country’s ranking while including reference citations from additional source material.
15
  • Summarized how the chosen country’s ranking has change over the last 5 to 10 years
10
  • Five pages in length
10
  • Included at least two reliable references
  • Included the Index of Economic Freedom as a reference
6
Writing Style, Grammar, APA Format 14
Total 70

Welcome to one of the most trusted essay writing services with track record among students. We specialize in connecting students in need of high-quality essay writing help with skilled writers who can deliver just that. Explore the ratings of our essay writers and choose the one that best aligns with your requirements. When you rely on our online essay writing service, rest assured that you will receive a top-notch, plagiarism-free A-level paper. Our experienced professionals write each paper from scratch, carefully following your instructions. Request a paper from us and experience 100% originality.

From stress to success – hire a pro essay writer!

PLACE YOUR ORDER