Explain the difference between shortages and scarcity.

1. PART 1. – Analytical Report

Write a short analytical report (3 – 4 pages) on two topics: shortages / scarcity and point elasticity / arc elasticity and specifically address the following points:

• Explain the difference between shortages and scarcity. In answering this question, you should consider the difference between the short run and the long run in economic analysis.
• Explain the difference between point elasticity and arc elasticity. What problem can arise in the calculation of the latter, and how is it usually dealt with? (Please use actual business examples).

Use the template that is attached.

You must perform research in the CALU library to complete this assignment. The paper should include 1 quote, 1 website source, and 1 textbook source. The VeriCite score for this paper should be less than 15%. Additionally, all citations must have matching references.

Below is a recommended outline.

1. Cover page (See APA Sample paper)
2. Introduction
1. Purpose of paper
2. Thesis sentence
3. Body (Cite sources using in-text citations.)
1. Main point 1
1. Example or evidence
2. Evidence (support from the literature)
3. Student’s original thoughts and ideas about the section’s content and a concluding thought
2. Main point 2
1. Example or evidence
2. Evidence (support from the literature)
3. Student’s original thoughts and ideas about the section’s content and a concluding thought
3. Main point 3
1. Example or evidence
2. Evidence (support from the literature)
3. Student’s original thoughts and ideas about the section’s content and a concluding thought
4. Conclusion – Summary of main points
1. Lessons Learned and Recommendations as needed
5. References – List the references you cited in the text of your paper according to APA format.
6. Part2 – Quantitative Analysis

Write a Quantitative Analysis report on the following problems:

1. Given the demand equation Q =1,500 – 200P, calculate all the numbers necessary to fill in the following table:

ElasticityPQPointArcTotal RevenueMarginal Revenue\$7.00\$6.50\$6.00\$5.50\$5.00\$4.50\$4.00\$3.50\$3.00\$2.50

1. Forecasting – The sales data for the Lonestar Sports Apparel Company for the last 12 years are as follow:

Sales200120022003200420052006\$400,000\$440,000\$480,000\$518,000\$554,000\$587,000Sales200720082009201020112012\$617,000\$654,000\$700,000\$756,000\$824,000\$906,000

1. What is the 2001 – 2012 compound growth rate?
2. Using the result obtained in part a, what is your 2013 projection?
3. If you were to make your own projection, what would you forecast?

Demand Estimation

One of the most difficult tasks in regression analysis is to obtain the data suitable for quantitative studies of this kind. Suppose you are trying to estimate the demand for home furniture. Suggest the kinds of variables that could be used to represent the following factors, which are believed to affect the demand for any product. Be as specific as possible about how the variables are going to be measured. Do you anticipate any difficulty in securing such data? Explain.

SalesDeterminants of Demand for FurnitureSuggested Variables to Use in Regression AnalysisPriceTastes and preferencesPrice of related productsIncomeCost or availability of creditNumber of buyersFuture expectationsOther possible factors

1. PART 1. – Analytical Report

Write a short analytical report (3 – 4 pages) on two topics: shortages / scarcity and point elasticity / arc elasticity and specifically address the following points:

• Explain the difference between shortages and scarcity. In answering this question, you should consider the difference between the short run and the long run in economic analysis.
• Explain the difference between point elasticity and arc elasticity. What problem can arise in the calculation of the latter, and how is it usually dealt with? (Please use actual business examples).

Use the template that is attached.

You must perform research in the CALU library to complete this assignment. The paper should include 1 quote, 1 website source, and 1 textbook source. The VeriCite score for this paper should be less than 15%. Additionally, all citations must have matching references.

Below is a recommended outline.

1. Cover page (See APA Sample paper)
2. Introduction
1. Purpose of paper
2. Thesis sentence
3. Body (Cite sources using in-text citations.)
1. Main point 1
1. Example or evidence
2. Evidence (support from the literature)
3. Student’s original thoughts and ideas about the section’s content and a concluding thought
2. Main point 2
1. Example or evidence
2. Evidence (support from the literature)
3. Student’s original thoughts and ideas about the section’s content and a concluding thought
3. Main point 3
1. Example or evidence
2. Evidence (support from the literature)
3. Student’s original thoughts and ideas about the section’s content and a concluding thought
4. Conclusion – Summary of main points
1. Lessons Learned and Recommendations as needed
5. References – List the references you cited in the text of your paper according to APA format.
6. Part2 – Quantitative Analysis

Write a Quantitative Analysis report on the following problems:

1. Given the demand equation Q =1,500 – 200P, calculate all the numbers necessary to fill in the following table:

ElasticityPQPointArcTotal RevenueMarginal Revenue\$7.00\$6.50\$6.00\$5.50\$5.00\$4.50\$4.00\$3.50\$3.00\$2.50

1. Forecasting – The sales data for the Lonestar Sports Apparel Company for the last 12 years are as follow:

Sales200120022003200420052006\$400,000\$440,000\$480,000\$518,000\$554,000\$587,000Sales200720082009201020112012\$617,000\$654,000\$700,000\$756,000\$824,000\$906,000

1. What is the 2001 – 2012 compound growth rate?
2. Using the result obtained in part a, what is your 2013 projection?
3. If you were to make your own projection, what would you forecast?

Demand Estimation

One of the most difficult tasks in regression analysis is to obtain the data suitable for quantitative studies of this kind. Suppose you are trying to estimate the demand for home furniture. Suggest the kinds of variables that could be used to represent the following factors, which are believed to affect the demand for any product. Be as specific as possible about how the variables are going to be measured. Do you anticipate any difficulty in securing such data? Explain.

SalesDeterminants of Demand for FurnitureSuggested Variables to Use in Regression AnalysisPriceTastes and preferencesPrice of related productsIncomeCost or availability of creditNumber of buyersFuture expectationsOther possible factors

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