SaintLeo ECO202 Module 2 Discussion Latest 2019 September

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ECO202 Principles of Microeconomics

Module 2 Discussion

After viewing the
video clip, Bart Gets an Elephant, consider the relationship between price
elasticity of demand and total revenue, and why Homer didn’t make the smartest
business decision when raising the price of admission. For this week’s
discussion question, you should pick two products: one that is relatively price
inelastic and another that is relatively price elastic. You can determine a
product’s relative price elasticity by considering the Determinants of the
Price Elasticity of Demand listed in your textbook. You should begin by
defining your product in terms of the determinants and then describe how
increases in the price would affect total revenue. Would it make good business
sense to be the one producing and selling these products? Why or why not?

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