Elasticity and Variable Inputs

Topics: Elasticity, Price elasticity of demand, Supply and demand Pages: 1 (607 words) Published: December 13, 2014
Principles of Microeconomics (EC202)Professor K. Leppel Group Project: Economics in the Business Environment
Requirements: For this assignment, you are required to select and examine two businesses for which you have a contact person whom you can interview. To answer some of the questions below, you will need to ask your contact person. To answer some of the other questions, you will need to combine your interviewees’ responses with your knowledge from the course. After answering questions 1 to 9 for each business, answer questions 10 and 11. Use an essay format for the written paper. Do NOT use an exam format with just question numbers followed by answer phrases. The paper must be typed double-spaced, using a 12-point font and 1-inch margins. Be sure that you have clearly answered all parts of all questions. Both content and writing style are important in this assignment. Proofread your work and pay careful attention to spelling, punctuation, and sentence structure. The group is also required to make a presentation to the class and submit a hard copy of the slides. 1. a. What is the name of the business and what product(s) or service(s) does it provide? b. Who is the owner of the business (an individual, a family, partners, stockholders, etc.)? c. What is the name of the person whom you interviewed, his/her title or position in the company, and your group’s connection with him/her (for example: group member John Smith’s father)? 2. a. What inputs does the company use to produce its product or service? (While your companies’ input usage may differ from that discussed in class, a review of your course notes on fixed and variable inputs may be helpful here.) b. Which of the company’s inputs are variable inputs? In other words, suppose the company wanted to produce more or less than it had been. For which inputs could the quantity used be easily changed in a relatively short amount of time, such as a month? c. Which of the...
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