Microeconomics - Unit 3 - Learning Journal PDF

Preview

Summary

Download Microeconomics - Unit 3 - Learning Journal PDF

Description

1. Calculate the price elasticity of demand from point B to point C. A. = 1.36 2. Classify the elasticity for point B to point C as elastic, inelastic, or unitary. A. Elastic 3. Provide an explanation for the elasticity for point B to point C. A. It is elastic because 1.36 is larger than 1. 4. Calculate the price elasticity of demand from point D to point E. A. 0.26 5. Classify the elasticity for point D to point E as elastic, inelastic, or unitary. A. Inelastic 6. Provide an explanation for the elasticity for point D to point E. A. Because the number 0.26 is less than one. 7. Calculate the price elasticity of demand from point G to point H. A. 2.37 8. Classify the elasticity for point G to point H as elastic, inelastic, or unitary. A. Elastic 9. Provide an explanation for the elasticity for point G to point H. A. Because 2.37 is higher than 1. 10. Calculate the price elasticity of supply from point K to point L. A. 0.14 11. Classify the elasticity for point K to point L as elastic, inelastic, or unitary. A. Inelastic 12. Provide an explanation for the elasticity for point K to point L. A. Because we know the number is smaller than one, 0.14, we know that the supply is inelastic in this interval. 13. Calculate the price elasticity of supply from point N to point P. A. 1 14. Classify the elasticity for point N to point P as elastic, inelastic, or unitary. A. Unitary 15. Provide an explanation for the elasticity for point N to point P. A. Because we know the number is equal to 1 the supply is unitary to this interval. 16. Calculate the price elasticity of supply from point Q to point R. A. 0.5 17. Classify the elasticity for point Q to point R as elastic, inelastic, or unitary. A. Inelastic 18. Provide an explanation for the elasticity for point Q to point R. A. Because we know the number in smaller than one, 0.5, we know that the supply is inelastic in this interval. II. Questions 

What did you like most about the Unit 3 learning journal?

A. What I liked most about the Unit 3 Learning Journal is the fact that we can deepen our studies as in we can use the formulas into practice and see how well it works. It also helps me understand the subject in a better way the fact that we are practicing some formulas into use. 

What did you least like about completing the Unit 3 learning journal? A. The thing that I least like about this Unit 3 journal is the fact that this work above takes quite a while to finish. Therefore, I suggest reducing slightly the amount of word required to do.



What is the most interesting thing have you learned about Microeconomics since beginning this course? A. The single most interesting thing that I found most interesting is the relationships with the supply and demand. We can find the right prices to give and also the right demand by studying deeper what’s behind this subject....