Week 1 ECO 561

· How the post demonstrates that a student has read the readings for the week · Uniqueness of the post · Use of specific points from the articles or readings for the week · Timeliness of post; Posts earlier in the week tend to stimulate discussion · Uses of peer-reviewed references and the readings for the course for support · Does not use blogs for support – No blogs unless they are from Nobel-winning economists · Does not use Wikipedia or online encyclopedias or dictionaries for support · Applies critical thinking; Discussion at a critical level, not just recitation of facts from the article; Discussion at a critical level means discussing things such as your opinion of the point mentioned, why you hold that opinion, what you see wrong with the point mentioned, how you see the point consistent/inconsistent with what you have learned so far, implications for the future, and consistencies/inconsistencies within the article or reading itself; critiquing an article means analyzing the good and/or bad aspects of the article and justifying your analysis; Do not just tell me what the article or reading states · Does not quote the reference verbatim · Relates new information to old information learned in the course to date; Makes connections between new and old information · Relates information in article or reading to personal experience · Length of posting approximately 75 carefully chosen words or more (8 sentences) Having said this, it is relatively easy to get all 18 points if you make a total of 8 substantive posts each week, participate on 3 days during the week, and support at least 4 posts with references. Support means based on the reference rather than quoting the reference verbatim. The quality of the reference is also an important part of the grade. Peer-reviewed references are best. the readings are next most valuable, and many online references are not convincing unless they are primary sources or peer-reviewed. DQ 1 Different products have different elasticities. Heart medication, for example, is inelastic and corn is elastic. Find a product that has not already been selected and describe the price elasticity and income elasticity. How much control might an organization have over pricing based on a product’s elasticity? Discuss which of the elasticity rules you used to determine your answer. DQ 2 The Bureau of Labor Statistics and Federal Reserve Bank in St. Louis both have a lot of economic information. Based on current economic information, for the industry you are familiar with, discuss the positive and negative effects of either a sudden increase or decrease in the number of competitors on prices in the long run. What would you recommend as a course of action, if any? For the industry you have chosen, discuss how price moves from today to the future.