ECO 605 Assignment 1.1: Price Elasticity of a Demand Curve

Introduction

The following table represents the demand schedule for visits to a clinic.

Demand Schedule for Visits to a Clinic

Assignment Guidelines

1. Use the data table to graph the demand curve for clinic visits. Use Excel to generate the graph. Be sure to provide a title, use proper units, and label the axis.
2. Identify what each point on the demand curve represents.
3. Using the arc elasticity formula for calculating price elasticity of demand, calculate price elasticity of demand between the first row (60,100) and last row (0,700) of the demand schedule.

Important: For all assignments in this course that require calculations, please be sure to show all the steps used.

Submission

You can either export your Excel graph as an image and embed the image of your graph into a Word document that contains responses to questions 2 and 3 or you can draw your graph, scan it, and upload as a PDF.

All the files that you upload should be named using the following convention: Last name_First name_Assignment_1.1.

Submit your assignment and review full grading criteria on the Assignment 1.1: Price Elasticity of a Demand Curve page.

Week 1: Demand for Healthcare

In our first week, we will examine the fundamental economic concept of demand. Demand describes how much of a product consumers want to buy at different prices. We will also give the factors that increase or decrease demand for a product. Lastly, we will define elasticity of demand, which shows how responsive demand is to a change in price.

Review a list of all items due this week in your course’s syllabus.

Lesson 1: Demand and Its Determinants

This lesson will describe demand for a product, which is a fundamental concept within economics. We will analyze the relationship between price and quantity demand, along with the factors that change product demand. While some of the concepts discussed are common to all products, issues specific to healthcare will be examined.

We recommend that you spend time reviewing the Instructional Materials provided for each lesson. These include interactive media  presentations and videos, designed to help you succeed.

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Learning Outcomes

By the end of this lesson, you will be able to:

• Differentiate between demand and quantity demand.
• Identify factors that will change demand for a product.
• Identify how various factors will change the demand of a product.

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Before attempting to complete your learning activities for this week, review the following learning materials:

Learning Materials

Read the following in your Economics of Health and Medical Care textbook:

Chapter 4, “Demand for Health and Medical Care” (pp. 45–66)

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These pages explain demand and other fundamental concepts of economics.

APA Writing Checklist
Use this document as a checklist for each paper you will write throughout your GCU graduate program. Follow specific instructions indicated in the assignment and use this checklist to help ensure correct grammar and APA formatting. Refer to the APA resources available in the GCU Library and Student Success Center.
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