Syllabus

Price and Income Elasticity of Demand

• Describe the effect that the necessity of a good has on price elasticity of demand.

• Describe the effect that the availability of substitutes has on price elasticity of demand.

• Explain the factors that affect supply and demand.

Course Assignments

1. CheckPoint: Price Elasticity and Supply & Demand Short Answer Quiz

• Resource: Appendix B

• Due Date: Day 5 [Assignment section of eCampus]

• Complete the Price Elasticity and Supply & Demand Short Answer Quiz in Appendix B

(posted in the Course Materials Forum).

• Post your completed chart as an attachment.

2. Assignment: Supply and Demand paper

• Due Date: Day 7 [Assignment section of eCampus]

• Choose one good with which you have had experience purchasing:

O New home

o New car

• Write a 700- to 1,050-word paper in APA format explaining factors that affect supply and

demand. Include the following:

o Explain factors that could cause possible changes in supply and demand.

o Determine at least two substitutes there may be for your product.

o Determine at least two complements there may be for your product.

o Explain how the necessity of your chosen good impacts price elasticity.

• Post your assignment as an attachment.

Assignment Location Due

Checkpoint: Price Elasticity and Supply & Demand Short Answer Quiz Assignment section of eCampus Day 5

Assignment: Supply and Demand Paper Assignment section of eCampus Day 7

Week Three

Inputs to the Production Process and Costs

• Explain the effect of supply and demand of labor on labor market equilibrium.

• Summarize the factors that affect labor supply and demand.

• Explain how firms determine whether to invest in additional capital or labor.

Course Assignments

1. Read Ch. 11 & 13−17 of Principles of Economics.

2. Watch Tomlinson Economics Videos 11.2-1 & 13.1-1 to 17.2-1 by South-Western

Cengage Learning.

3. Discussion Question 1

Due Date: Day 2 [Main forum]

Post your...