unit 4 ip

Businesses create goods or services demanded by consumers. The variability of demand depends on the type of good or service produced. For example, if the good does not have a lot of substitute products (e.g., necessary prescription drugs), demand will not fluctuate greatly with price changes. On the other hand, if the good has many substitutes available (e.g., fast food), demand will fluctuate with price changes.

This concept is called price elasticity of demand. If a good or service has an elastic demand, demand will vary greatly with price increases. If a good or service has an inelastic demand, demand will not vary greatly with price changes.

Consider a product you are familiar with and the company that produces that product. Think about the market the company operates in (as discussed earlier).

In a PowerPoint presentation that contains 1012 slides (excluding the title and references and with 200250 words of speaker notes on each slide), explain the following:

• Introduce the business you have chosen. What market does the company operate in? What products or services does it sell? What category of goods does this product or service fall under (e.g., luxury, normal, inferior, substitute, complementary, and so on)?
• Who are the consumers of the good or service? How is the good or service marketed?
• Discuss elasticity of demand and include a graph to illustrate elasticity of demand.
• Explain the elasticity of demand for your product or service. Is the product demand elastic, or is it inelastic? Include a graph to represent the elasticity of demand for your chosen product or service.
• Discuss the relationship between elasticity of demand and pricing of your chosen product or service. Include a graph. You may use hypothetical numbers to illustrate your conceptual observations and understanding of the concept of elasticity of demand for your chosen product or service.
• How does the elasticity of demand for the good or service change how you market your good or service? For example, if your good has few substitutes or many substitutes, what can be done to increase demand during an economic downturn?

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Individual Project Rubric

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ExpectationPoints PossibleAssignment Details: Introduced and explained significant aspects of a business, including the product, consumers, category of goods sold, and marketing strategy

35Assignment Details: Discussed elasticity of demand and included a graph, as well as explained the elasticity of demand for the product and included a graph of the chosen product

35Assignment Details: Discussed the relationship between elasticity of demand on both pricing and marketing and included a graph

30Citations and Attributions: Used APA-formatted citations for ideas requiring attribution with minor to no errors

15Professional Language: Assignment contains accurate grammar, spelling, and punctuation with few or no errors. (APA formatting is required or style specified in assignment.)

10Total Points

125Total Points Earned