Concepts of own price and income elasticity of demand

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Question

Explain the concepts of own price and income elasticity of demand. Assess how useful an understanding of these concepts would be to the management of a luxury, family owned, hotel in Edinburgh and Draw at least one diagram and keep all the labels clear also In your analysis please use the concept of the elasticity to explain. (Market power, Arbitrage, Demand curve, Price elasticity in demand and Price discrimination)

Assessment Criteria: Essential Points

  • When planning and preparing your answer you should review the assessment criteria for this assignment. A copy of this is attached to this document.
  • Your answers must be rigorous and analytical.Do not write in a descriptive style. Internal and external examiners do not reward “thin” .
  • You must use proper referencing throughout your answer. At MBA level you must refer to relevant texts, relevant journals and case examples. In addition, you should use the Harvard or other standardized referencing format.
  • You do not need to assume that the tutor knows literally nothing about the economics of the business environment!
  • Useful on-line search facilities are available via the university library electronic databases, e.g. Business Source Premiere and Science direct, which have many full-text articles.
  • YOU MUST SHOW EVIDENCE OF HAVING READ AT LEAST 10 RELEVANT ACADEMIC JOURNAL ARTICLES OR TEXTS (PROPERLY REFERENCED) IN ORDER TO RECEIVE A MARK FOR THIS COURSEWORK. INTERNET WEB SITES DO NOT COUNT FOR THIS PURPOSE.

Assessment Form                                                  

Key to Grading:

A – Distinction; B – Merit; C – Average; D – Poor; E – Fail; N/A – not applicable

CRITERION                                                                  GRADING

  1. Relevance to topic. N/A      A          B          C          D          E
  2. Background research: N/A      A          B          C          D          E

application of theory

to the topic.

  1. Analysis & interpret

-ation of material.                              N/A      A          B          C          D          E

  1. Appropriate use of N/A      A          B          C          D          E

diagrams.

  1. Quality of conclusions

& recommendations.                          N/A      A          B          C          D          E

  1. Use of reference N/A      A          B          C          D          E

material& bibliography.

  1. Presentation, layout

& organisation            .                                   N/A      A          B          C          D          E

Overall Percentage** =        

Additional Comments:

Quality of Work**
PercentageRange

Distinction

70 – 100%
Merit 60 – 69%
Average 50 – 59%
Poor 40 – 49%
Fail 0 – 39%
  1. Module Resources

Essential Reading:

Mulhearn, C. & Vane, H., (2012), Economics for Business, 2nd Edition, Palgrave MacMillan

OR

Griffiths, A. & Wall, S. (2011), Economics for Business & Management, 3rd Edition, Prentice Hall Publishers

Recommended Reading:

McAleese, D. (2004), Economics for Business: Competition, Macro – stability and Globalisation, Prentice Hall Publishers

Lecture slides also indicate relevant topic based readings.

Required Equipment

Access to Winecon software via licensed downloading or Faculty open access labs
SKU: elasticity-essay Category: