Product Elasticity
1-Calculate the Elasticity of your product
2-Calculate the Supply and Demand and the effect from government policies
3-Calculate the cost of production.
To create the assumptions to calculate the previous 3 points, you will need to read the related chapters, your previous report and some additional information that you may need to research. Again, this important exercise requires to create assumptions and what you need to complete for this report, partially, will be based on these assumptions.
You must also, during the project, research about the industry, labor, cost, competitors, about products, services and everything that it is related with your company and product, see below.
Format and Content Requisites.
1-2 pages minimum without the questions, single space, no spaces between paragraphs, 0.5 margins all around, type letter times new roman, font size 11. You cannot copy, you cannot quote or paste any image or graph with in the 2 pages content. The 2 pages must be 100% from you as the author. Images, pictures or graphs can be included at the end of the last page, including also the references. Any deviation from these instructions will penalize your grade for 10% each deviation.
2-You must answer the numbers below as are they described. This is not an essay, this is a business report requiring a series of questions to be answered. In order for the reader to be efficient while is reading your report, write the number first, then answer what is asked and nothing else, you can elaborate yes, but keep this rule simple, focus your answer to the question.
3-You must submit Word Document File and cannot exceed the 10% originality report inside the Safe Assign Black Board tool, if you don’t know this future you can ask OIT. You also must submit one excel file with the support of all your calculations. My computer does not run any other program than Word and Excel, please not PDF files. If you submit a different type of files your grade will be ZERO.
4-The Black Board Safe assign score sometimes require hours to give you the score results, so be aware that if you submit the file and the originality report is above 10% you must modify and resubmit until it fulfills the maximum 10%. I will not grade any file with more than 10% originality report. Report above 10% originality score are graded with ZERO.
5-If you copy or paste any text, image or graph within the 2 pages content, you will have plagiarism issue, see the syllabus to understand the consequences of this action. Also, this report will be graded with ZERO. No quotations are allowed in this case report.
6-Because I am here informing you in advance the case report that you must work for the next weeks, I do not accept late work. If your file is not in the proper drop box you will be graded with ZERO. For the system, it is the same one minute due, 10 minutes due, 1 hour or one day. Check the Syllabus to verify when is due this Case Report.
Content and requisites of the Word and Excel files.
1-Word document will discuss the following:
1-Explain and describe the price elasticity for your product. Here you will need to make some assumptions to simulate what should be the price elasticity for your product, you can use all the information available to complete this important exercise, for example, price of the competition, size of the industry, type of product and time horizon that should will needed to identify the price elasticity. Here also you will need to graph the price elasticity in excel, you can use what you have as a price and assume some quantities to calculate elasticities, remember assumptions are very important in this exercise. In this first section and according with your calculations you must answer if your product is elastic, inelastic or the type of behavior that your product responds when the consumer income change.
2-Explain in which circumstances your product can experience price floors or price ceilings, yes you need to make your own assumptions to explain this important concept when it applies to your product.
3-Now, imagine if your product experience an increase in the consumption tax and increase in the import tax, in one case the tax will be imposed to buyers and in the other case to the sellers. Making all your assumptions where it is necessary. Also calculate the incidence of tax. Your calculations should be in excel.
4-Make all the necessary assumptions to use your case product in a way that it could be experience a consumer surplus, you need to also calculate using your own assumptions the supplier surplus, here you need to explain both, consumer and supplier surplus. Finally, for this section, graph the equilibrium in the excel file.
5-You need to explore here your product cost. For this you may need to have some assumptions, read the chapters, your previous case report and the competitor’s information and build a table with the following data. Variable cost, fixed cost, average fixed cost, average variable cost, average total cost, marginal cost, revenues. You must graph all these variables using different levels of output or quantities. Yes, you will need to make some assumptions.
Sample Solution
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