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Assignment 1 - EL5732
Assignment 1 - EL5732
(20 points)
Assignment 1: Economics
Instructions
Save this file in your course folder, and name it with Assignment, the section number, and your first
initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named
Assignment1JRobinson.
Type the answers to the assignment questions below. Use complete sentences unless the question
says otherwise. You will have more than one day to complete an assignment. At the end of each day,
be sure to save your progress.
Review Lesson 4 of the Course Overview for instructions about turning in your assignments.
Assignment Questions
In Section 1, you learned about economic principles. Now, you'll apply what you learned.
1. Choose a well-known company that you know of, and answer the following questions
about it:
b. What type of good or service is this company best known for? (1.0 points)
c. What makes the company different from its competitors? (1-3 sentences. 3.0
points)
d. Why do you think this company became successful? Describe at least one reason.
(1-5 sentences. 2.0 points)
2. Choose a different well-known company that you know of, and describe its direct and
indirect competitors. Describe at least 2 direct competitors and 2 indirect competitors. (1-5
sentences. 4.0 points)
5. Describe a product you know of that has elastic demand. Why is the demand for this
product elastic? Explain. (1-3 sentences. 3.0 points)