Posted: April 3rd, 2015



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1. (15 points) Explain the concept (be sure to give examples!!) of Elasticity and the relationship to the Elasticity of Demand. Include in your response: relatively elastic demand, relatively inelastic demand and perfectly inelastic demand

2. (15 points) Explain the concept of Utils of Satisfaction as it relates to consumer behavior (be sure to give examples!!)

3. (10 points) From an economics perspective, discuss a current event

4. (60 points) Define, explain thoroughly, and GIVE AN EXAMPLE for each of the following. In your explanation include: number of suppliers, product type, who determines price, elasticity of demand, product example, efficiency, barriers to entry/ability to enter the market, and any unique characteristics of the market structure:
a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

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