microeconomics discussion textbook necessary easy assignment short

Initial posts. Due on Thursday, March 29th at midnight.

A. Identify a quote, passage, or definition from our textbook. Since we are about halfway through the term, limit your search to the chapters we have covered (1,2, 4-6). Include both the textbook definition and the page number where you found this definition. Define the idea in your own words too.

B. Describe your experience with this idea/concept. How has the idea that you’ve selected been relevant in your own personal life?

Respond to a classmate. Due on Monday, April 2.

C. Pick a classmate and respond to their post. Have they defined the term/concept properly? (Remember to treat one another respectfully!) Do you have a personal connection to this idea too? Explain.

For full credit, make sure that you follow the directions in each of the 3 steps above. Note that you’ll need to write your initial post before Canvas will allow access to what your classmates have written.

Here is an example of the sort of thing I’m looking for:

A. An economic idea that I relate to is inelastic demand. On page 93 of the book, the idea is defined like this: “Demand is considered inelastic when the elasticity is less than 1, which means the quantity moves proportionately less than the price.”

In other words, this is describing goods where people will continue to buy about the same amount of the product even if price rises or falls. The price doesn’t impact buying decisions very much.

B. I see this idea alot when I think about my own buying decisions. For example, my youngest son has recently started requesting omelettes for breakfast. I’m really keen on him eating healthy foods like eggs for breaksfast instead of the junk food that he often requests. Therefore, my demand for eggs is quite inelastic these days. I buy eggs everytime I go to the store, no matter the price, because I’m so happy that he will eat something healthy!

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