ECO 561 Week 1 Complete
DQ1.What is the definition of economics
(distinguish between microeconomics and macroeconomics). What is the role of
economic theory in economics?
DQ2.what is the difference between a command system
and a market system?
DQ3.There are several determinants of demand or the
"other things," besides price, which affect demand. Can you
provide a few examples?
DQ4.Different products have different elasticity's.
Heart medication, for example is inelastic; and corn is elastic. Find a product
and describe its price elasticity and income elasticity. How much control might
an organization have over pricing based on a product's elasticity?
Complete
the Week One Knowledge Check.
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561 Week 1 Individual Assignment Week one Knowledge Check
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