# ECO 605 Assignment 1.1: Price Elasticity of a Demand Curve

## 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

Out of Pocket Price per Clinic VisitNumber of Clinic Visits
60100
50200
40300
30400
20500
10600
0700

### 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.

### 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.

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)

#### Click here to ORDER an A++ paper from our Verified MASTERS and DOCTORATE WRITERS: ECO 605 Assignment 1.1: Price Elasticity of a Demand Curve

These pages explain demand and other fundamental concepts of economics.

Assignment Rubric
CriteriaRatingsPts
Responses
5 to >4 pts
Meets Expectations

Answers to all questions are correct. Graphs are all properly labeled and axes all properly identified. All graphs are properly drawn. (If applicable.)

4 to >2 pts
Nearly Meets Expectations

Answers to most questions are correct. Graphs are mainly labeled correctly and axes are usually properly identified. (If applicable.)

2 to >0 pts
Does Not Meet Expectations

Answers to most questions are incorrect. Graphs are not labeled or axes are not properly identified. Graphs are not drawn properly. (If applicable.)

/ 5 pts
Explanations
5 to >4 pts
Meets Expectations

Provides thorough explanation of rationales and skillfully applies course materials to develop conclusions. There is always a close and strong connection between the explanations provided and the material from the lessons.

4 to >2 pts
Nearly Meets Expectations

Provides adequate explanation of rationales, but conclusions could be supported more strongly using course materials. There is a connection between explanations and concepts from the lessons but this connection is not always strong or clear.

2 to >0 pts
Does Not Meet Expectations

Neither provides adequate explanation of rationales nor uses available resources to substantiate conclusions. There is no close connection between the explanations provided and the concepts given in the lessons.

/ 5 pts
Structure and Mechanics
5 to >4 pts
Meets Expectations

Contains one or two errors in grammar, spelling, and/or APA format.

4 to >2 pts
Nearly Meets Expectations

Contains several errors in grammar, spelling, and/or APA format.

2 to >0 pts
Does Not Meet Expectations

Contains many errors in grammar, spelling, and APA format.

/ 5 pts
Total Points: 0

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.
☐ APA paper template (located in the Student Success Center/Writing Center) is utilized for the correct format of the paper. APA style is applied, and format is correct throughout.
☐ The title page is present. APA format is applied correctly. There are no errors.
☐ The introduction is present. APA format is applied correctly. There are no errors.
☐ Topic is well defined.
☐ Strong thesis statement is included in the introduction of the paper.
☐ The thesis statement is consistently threaded throughout the paper and included in the conclusion.
☐ Paragraph development: Each paragraph has an introductory statement, two or three sentences as the body of the paragraph, and a transition sentence to facilitate the flow of information. The sections of the main body are organized to reflect the main points of the author. APA format is applied correctly. There are no errors.
☐ All sources are cited. APA style and format are correctly applied and are free from error.
☐ Sources are completely and correctly documented on a References page, as appropriate to assignment and APA style, and format is free of error.
Scholarly Resources: Scholarly resources are written with a focus on a specific subject discipline and usually written by an expert in the same subject field. Scholarly resources are written for an academic audience.
Examples of Scholarly Resources include: Academic journals, books written by experts in a field, and formally published encyclopedias and dictionaries.
Peer-Reviewed Journals: Peer-reviewed journals are evaluated prior to publication by experts in the journal’s subject discipline. This process ensures that the articles published within the journal are academically rigorous and meet the required expectations of an article in that subject discipline.
Empirical Journal Article: This type of scholarly resource is a subset of scholarly articles that reports the original finding of an observational or experimental research study. Common aspects found within an empirical article include: literature review, methodology, results, and discussion.
Adapted from “Evaluating Resources: Defining Scholarly Resources,” located in Research Guides in the GCU Library.
☐ The writer is clearly in command of standard, written, academic English. Utilize writing resources such as Grammarly, LopesWrite report, and ThinkingStorm to check your writing.