1. Think of three goods for which the demand is inelastic with respect to price. Do these goods ever go on sale? Does understanding the relationship between elasticity and total revenue help you understand why some goods go on sale and others don’t? Share your thoughts on elasticity. Do businesses prefer one type of elasticity - what can they do to achieve that elasticity.

2. What do economists mean by “diminishing returns” to an input? What causes diminishing returns? Have you ever observed this principle at work in a job you’ve had or in the real world? Discuss long and short run and this concept.

3. Income Inequality, Poverty, and Discrimination affect the economy. Discuss their impact and what should be done by the government - if anything. Also, remember that when discussing the economy - efficiency must be addressed.

Please provide the sources of your research in the body of the paper. All submissions will be checked for Plagiarism by 'Turnitin'. If you use another's words in your submission - make sure you use quotation marks and give credit.

Every question should be answered in 6-8 sentences.