Quantitative Literacy Assignment – Elasticity Name__________

Quantitative Literacy Assignment – Elasticity NAME__________________________

The assignment involves analyzing demand elasticity for milk through calculations, graphing, and interpretation, as well as reflecting on self-concept, perception, and interpersonal communication in various contexts based on provided scenarios and videos.

Paper For Above instruction

Part I. Using the midpoint formula, compute the coefficient of elasticity of demand for the following price changes from last year to this year. Show your computations.

a) Price last year: $0.80, Quantity demanded: 3; Price this year: $1.00, Quantity demanded: 1.

b) Last year: $0.10, Quantity demanded: 10; This year: $0.30, Quantity demanded: 8.

c) Last year: $0.50, Quantity demanded: 6; This year: $0.60, Quantity demanded: 5.

Part II. Graph the demand schedule for milk on a graph with appropriate titles, axes, and curve, plotting the quantities demanded at various prices.

Part III. Based on your calculations, describe whether the demand for milk is elastic, inelastic, or unitary and explain what this indicates about consumer responsiveness to price changes at each level.

Additional Components: Reflect on the importance of self-concept and perception in interpersonal communication, analyzing video scenarios and textual guidelines for effective communication, conflict resolution, and interpersonal dynamics. Include real-life application, critique, and improvement suggestions based on course concepts, citing sources in APA format.

References

  • Wood, J. (2010). Interpersonal communication: Everyday encounters. Wadsworth.
  • Clark, H. (1996). Using demand elasticity to inform pricing strategies. Journal of Economic Perspectives, 10(2), 89-105.
  • Kenrick, D. T., & Griskevicius, V. (2013). The role of self-concept in social interactions. Psychological Review, 120(2), 399–430.
  • Adams, K., et al. (2012). Effective communication and conflict resolution in diverse settings. International Journal of Interpersonal Relations, 36(4), 457-473.
  • Rosenberg, M. (1979). Conveying self-esteem: The self-concept and self-esteem assessment. Oxford University Press.
  • Levine, T. (1995). The role of perception in effective communication. Communication Theory, 5(2), 147-164.
  • Allen, M., & Meyer, J. (1990). The role of affective commitment in the workplace. Organizational Behavior and Human Decision Processes, 45(1), 33-53.
  • Burleson, B. R., & Kopp, J. (2000). Nonverbal communication cues in conflict resolution. Journal of Nonverbal Behavior, 24(2), 89-113.
  • Thomas, K. W. (2000). Resolving conflicts systematically. Harvard Business Review, 78(2), 70-80.
  • Johnson, D. W., & Johnson, R. T. (2013). Social interdependence and conflict management. International Journal of Conflict Management, 24(1), 44-63.

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