Economics

This paper is only a revision of a paper that I wrote. My professor requests that the following areas are modified. I will be emailing the attachments associated with the original assignment and highlighted the sections that need to be modified in the paper. This paper does not need to be redone simply modified in the sections listed.

E.  Discuss the “Proportion of Income Devoted to a Good” concept by contrasting two products typically purchased each month.

E1.  Address, in your discussion, specific examples of how the same percentage change in the price of both goods affects the percentage change in the quantity demanded for each of the two goods.

G. Identify by price range the areas on the demand curve where demand is elastic, inelastic, and unit elastic using the attached “Graphs for Elasticity of Demand, Total Revenue.”

Teachers Comments:
E.  The essay explains that necessity items will be purchased before items that are not necessities in times of price increases; however, this does not accurately explain the concept of the share of income devoted to a good. Please review how elasticity is affected only by the share of income devoted to each good and revise.

E1: Please revise once changes are made in E.

G: The essay accurately explains the full unit-elastic range; however, a clear explanation of the full elastic range and full inelastic range could not be located. Please revise.

I have attached all pertinent information but if anything is unclear feel free to contact me.

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