Chapter 6: Elasticity Author’s Name Institutional Affiliation Chapter 6 Elasticity Elasticity is an economic term which refers to the producers' responsiveness in changing the prices of goods or services that they offer. Generally the increase in the prices of goods or services results in the corresponding increase in its supply. According to the article elasticity in economics is regarded as being the extent at which producers consumers or individuals' change their supply or demand in response to the changes in price or their income (Kaplan et al. 2011). In other words elasticity is used in assessing the changes in demand due to price changes for their goods or services. Below is the formula for calculating supply or demand elasticity; Demand/supply elasticity =% change in the quantity demanded or supplied / % change in price From the above formula it can be illustrated that supply elasticity is computed as the Duxbury Press Pacific Grove CA. Shapiro J. F. 2004. Challenges of strategic supply chain planning and modeling. Comput. Chemical Engrg. 28(6–7) 855–861. Supply-Chain Council. 2005. Supply-chain operations reference-model (SCOR). Technical report Supply-Chain Council Cypress TX. Tellis G. J. 1988. The price elasticiy of selective demand: A meta-analysis of econometric models of sales. J. Marketing Res. 25(4) 331–341. Viswanathan J. I. E. Grossmann. 1990. A combined penalty func-tion and outer-approximation method for MINLP optimiza-tion. Comput. Chemical Engrg. 14(7) 769–782. Williams H. P. 2003. Model Building in Mathematical Programming. John Wiley & Sons New York. Copyright 2011 by INFORMS all rights reserved. Copyright of Journal on Computing is the property of INFORMS: Institute for Operations Research and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However users may print download or email articles for individual use. [...]
I need a minimum 5 paragraph article analysis. I am attaching the scoring rubric for the paper. Please read carefully. You can choose the article but it has to be on a topic that has been covered in class and I have attached the topics at the end of the scoring rubric. So just choose one from the list. Please feel free to ask questions.