Project #34608 - Economics and global business

I HAVE ATTACHED THE REPORT I GOT BACK FROM THE SCHOOL.. SAYING WHAT TO FIX AND THE TASK I SUBMITTED.  YOU COULD JUST GO INTO THE WORK THAT IS ALREADY DONE AND FIX WHAT NEEDS TO BE FIX.  DONT CHANGE THE WORDING.. JUST ADD WHAT THE REPORT IS TELLING YOU TO ADD AND CHANGE WHAT THE REPORT IS TELLING YOU TO CHANGE.

tASK 2

Introduction:

Economists use elasticity to measure consumer responsiveness to changes in the various determinants associated with demand. Elasticity addresses percentage changes i.e. a percentage change in quantity demanded divided by a percentage change in (own price, the price of another good, or income). Understanding elasticity is important to businesses and policy makers alike as they consider how a potential change will impact markets when consumers adjust their purchasing behaviors.

Task:

A.  Discuss elasticity of demand as it pertains to elastic, unit, and inelastic demand.

B.  Discuss cross price elasticity as it pertains to substitute goods and complementary goods.

C.  Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods).

D.  Use an example to discuss why demand tends to be relatively elastic in a situation where “Availability of Substitutes” exists.

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

1.  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.

F.  Contrast how a person would initially respond to a relatively large increase in the price of a product in the short run as opposed to how that same person might react to that same price increase over a longer time horizon (i.e., the long run), using the “Consumer's Time Horizon” concept.

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.”

1.  Explain the corresponding impact on total revenue for each of the three price ranges indentified in part G.

H.  When you use sources, include all in-text citations and references in APA format.

tASK 4

Introduction:

Businesses large and small now compete in a truly global economy. To be successful in another country it is essential to understand and appreciate the cultural differences that exist. Business practices and ideas that work well here in the United States may not necessarily be expected to do so in other cultural environments.

If you were considering an expansion of your current business into an Asian country, what cross cultural challenges might you encounter?

Task:

Write an essay (suggested length 3–5 pages) in which you do the following:

A.  Discuss three major cross-cultural differences that would need to be taken into consideration if your company were to expand into this market based on your selected country.

B.  Compare U.S. business practices to practices in your proposed country for each of the following:

1.  Product

2.  Price

3.  Promotion

4.  Place

Note: You are not required to create an actual full scale marketing plan, but each of the 4P’s of the marketing mix must be individually addressed.

C.  Discuss two distinct ethical issues that you will need to understand and respect as your business expands into your selected country.

D.  When you use sources, include all in-text citations and references in APA format.

 Subject Business Due By (Pacific Time) 07/05/2014 12:00 am
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