Principles of Microeconomics, writing homework help

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Only have 14 dollars

Need 350 words

Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.

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Need 350 words

Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?

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 Need 350 words

Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:

  • Bottled water
  • Toothpaste
  • Cookie dough ice cream
  • Fresh green beans
  • Gasoline

In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.