ECO/561 WEEK 2

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Resource: University of Phoenix Material Carlos Cruz’s Price Elasticity Scenario introduced in Week One; you may also use information from your own organization. If you use your own organization, get approval from your facilitator before proceeding.
Prepare a report of no more than 1,050 words in which you explain the following concepts in the context of the Carlos Cruz scenario: Explain the relationship between the laws of supply and demand and equilibrium price and quantity. Explain how a change in price affects revenue (assuming competitors do not follow). Justify your estimate of equilibrium price and quantity. Estimate the elasticity of demand in your scenario using either the arc method of elasticity or base your estimate on the number and closeness of substitutes (including foreign substitutes). Recommend a business decision. justify your estimate of the elasticity.
Include APA-style citations and references where appropriate.

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