Micro-economics Discussion Post: Examining Elasticity

Description

Hello, I need help creating a discussion post for the following per instructions from instructor:

After watching the Section 5.3 Review and Section 6.2 Review videos, respond to the questions below.
Gas prices fluctuate often and in both directions. In your initial post, respond to the following:

  • How responsive do you think consumers will be to the price change
    when these fluctuations occur due to changes in supply? Why? Use the
    various determinants of elasticity to explain your answer.
  • How does the price elasticity of demand for gasoline impact the
    effectiveness of taxes on gasoline aimed at correcting a negative
    externality?

Consider incorporating the supply-and-demand model to demonstrate the elasticity of demand for gas and to show the effects of tax on the market for gas.

Thank you

PS: Please review attached rubric for guidance.

Needs help with similar assignment?

We are available 24x7 to deliver the best services and assignment ready within 3-4 hours? Order a custom-written, plagiarism-free paper

Order Over WhatsApp Place an Order Online

Do you have an upcoming essay or assignment due?

All of our assignments are originally produced, unique, and free of plagiarism.

If yes Order Similar Paper