ECO 365 Week 1 DQs

This pack of ECO 365 Week 1 Discussion Questions shows the solutions to the following problems:

DQ 1: What is economics? What role does economics play in your personal and organizations decisions? Give an example of the role of economics in decision making.

DQ 2: What is the difference between a movement along and shift of the demand curve? Show the impact on the equilibrium price and quantity that results from; (1) an increase in demand, (2) an increase in supply, (3) an increase in both supply and demand. Give an example of the role of supply and demand in decision making.

DQ 3: What is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue? How does price elasticity of demand affect a firm