Thank you much for writing my perfect assignment!.!. Very well written and great service
Week 2 Discussions and Required Resources
Two-part assignment – All parts must be at least 300 words unless otherwise noted. Please read all attachments and follow ALL instructions.
Part 1: Marginal Rate of Substitution
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Guided Response: In 300 words or more, please, provide your response to the above discussion question. Find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other.
Part 2: Demand Elasticity
Please, read the article Hainer, R. (2010) – http://www.cnn.com/2010/HEALTH/04/24/social.smokers/index.html, provided in the required readings section for this week. The tobacco industry is a prime example to consider when talking about price elasticity of demand. While nicotine use can be addictive for many users, it is not addictive for the so-called “social smokers”.
What can we say about the price elasticity of demand for nicotine products (such as cigarettes, pipes, tobacco) in the group of nicotine addicted users, versus the group of “social smokers”? Can we say whose demand is likely to be more elastic? Why?
Guided Response: Provide your response to the discussion question in 300 words or more. Further, comment on the effectiveness of government policy aimed at reducing the negative effects of smoking on health. For example, consider high taxation on producers? – is that effective?
Please read the following chapters in: Managerial Economics:
· Chapter 3: Consumer Demand Analysis
· Chapter 4: Market Demand Analysis and Estimation
Hainer, R. (2010). Social smokers aren’t hooked on nicotine, just smoking. Cable News Network. Retrieved from Weather, Entertainment & Video News. Retrieved November 13, 2012, from
Cable News Network (http://www.cnn.com)
The Economist (http://www.economist.com)
TED. (2004, February). Malcolm Gladwell: Choice, happiness and spaghetti sauce (Links to an external site.) [Video file]. Retrieved from
TED. (2005, July). Barry Schwartz: The paradox of choice [Video file]. Retrieved from http://www.ted.com/talks/barry_schwartz_on_the_paradox_of_choice.html
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more