04 Jun Question Elasticity and Regression Project learning objectives:
Question
Elasticity and Regression
Project learning objectives:
Students will use microeconomic theories and analytical skills learned in this class to discuss elasticities of demand for the product analyzed in the previous paper.
Locate data online, run and analyze a regression
Part 1. Discussing Elasticities
In this section of your paper you will think about what the elasticities of the product you analyzed in your first paper might be.
Focus on the magnitude of the absolute value of the elasticity
This discussion will be no more than two pages long (1.5 line spacing).
Reflect on Elasticities
Price elasticity
is demand elastic or inelastic?
explain
Income elasticity
what type of good is the product?
Normal, luxury or inferior
Cross-price elasticity
Substitutes and complements
How closely related are these product?
Perfect substitutes or complements EXY = 1
Part 2. Regression Analysis
You are quite lucky if you could find the demand (production or sale data) of the product you discussed in your first paper. If yes, then use the data
Use the links I provided on the next slide (or other sources) to locate demand and determinants of demand data.
The data might be time series (collected over time) or cross-sectional (collect at one point in time from different sources).
Run a regression of determinants (price and other) of demand on quantity (sales or production).
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