ECO 204 Week 2 Discussion essay

student
I’m trying to study for my Micro Economics course and I need some help to understand this question.Part 1The price elasticity of demand is people’s responsiveness of quantity demanded (or consumption) when there is a change in price.Respond to the following:Identify the determinants of the price elasticity of demand. Explain each one.
Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.
Distinguish between a necessity and a luxury.
How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing?
Your initial post should be a minimum of 300 words.Part 2Externalities are costs or benefits associated with consumption or production that are not incurred by the consumer or producer and are therefore not reflected in market prices. The cost or benefit of an externality remains external when falling to parties other than the buyer or seller.Respond to the following:Describe some differences between a positive externality and a negative externality.
Provide one example of a positive externality and a negative externality, respectively. Explain your reasoning.
How could you solve your examples of externalities to attain market efficiency?
Does the government need to intervene with externalities to effect market efficiency?
Your initial post should be a minimum of 300 words.Requirements: 600
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