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 Visit
Number of Clinic Visits
60
100
50
200
40
300
30
400
20
500
10
600
0
700
Assignment Guidelines
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.
Identify what each point on the demand curve represents.
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.
This lesson will describe demand for a product, which is a fundamental concept within economics. We will analyze the relationship
ECO 605 Assignment 1.1 Price Elasticity of a Demand Curve
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.
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)
These pages explain demand and other fundamental concepts of economics.
Assignment Rubric
Criteria
Ratings
Pts
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.
