Write a short analytical report (3 – 4 pages) on two topics: shortages / scarcity and point elasticity / arc elasticity and specifically address the following points:
Use the template that is attached.
You must perform research in the CALU library to complete this assignment. The paper should include 1 quote, 1 website source, and 1 textbook source. The VeriCite score for this paper should be less than 15%. Additionally, all citations must have matching references.
Below is a recommended outline.
Write a Quantitative Analysis report on the following problems:
ElasticityPQPointArcTotal RevenueMarginal Revenue$7.00$6.50$6.00$5.50$5.00$4.50$4.00$3.50$3.00$2.50
Sales200120022003200420052006$400,000$440,000$480,000$518,000$554,000$587,000Sales200720082009201020112012$617,000$654,000$700,000$756,000$824,000$906,000
Demand Estimation
One of the most difficult tasks in regression analysis is to obtain the data suitable for quantitative studies of this kind. Suppose you are trying to estimate the demand for home furniture. Suggest the kinds of variables that could be used to represent the following factors, which are believed to affect the demand for any product. Be as specific as possible about how the variables are going to be measured. Do you anticipate any difficulty in securing such data? Explain.
SalesDeterminants of Demand for FurnitureSuggested Variables to Use in Regression AnalysisPriceTastes and preferencesPrice of related productsIncomeCost or availability of creditNumber of buyersFuture expectationsOther possible factors
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