ECO 204 Week 2 Assignment, Raise or Lower Tuition, Discussion

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ECO 204 week 2 Assignment: Raise or Lower Tuition Discussion 1: Elasticity Discussion 2: Externalities

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ECO 204 Week 2

ECO 204 Week 2 Assignment, Raise or Lower Tuition? 

Revenue!  Tuition!  These are the constants on the minds of a university while trying to ensure the product of education is in consideration.  Thinking about ensuring the university continues to make a profit while maintaining or even increasing the enrollment of the students is a constant ebb and flow for not only the administration but the decision for each student as well.  So I am tasked with working with Nobody State University to determine the effects of increasing the tuition on the revenue for the university and the new enrollment for students………..

ECO 204 Week 2 Discussion 1:  Elasticity. Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:

  1. bottled water
  2. toothpaste
  3. cookie dough ice cream
  4. fresh green beans
  5. gasoline

In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.

ECO 204 Week 2 Discussion 2: Externalities

 Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples?