see attached document -250 words each discussion -2 references each discussion Discussion 1: Watch the video clip from  Jingle All the Way .   (View 

-250 words each discussion

-2 references each discussion

Discussion 1:

Watch the video clip from 

Jingle All the Way
.   (View 
Transcript.)   

Consider the following: Prices serve a rationing function. When quantity demanded exceeds quantity supplied, prices rise to alleviate the shortage. When quantity supplied exceeds quantity demanded, prices fall to alleviate the surplus. However, when prices are inflexible, shortages and surpluses persist. Other rationing mechanisms must develop.

1. Using demand and supply analysis, describe a specific situation that you have witnessed where a shortage occurred. Why were prices unable to adjust in this market?

2. Combining what you learned from your readings as well as from the video clip, what other rationing functions could develop to alleviate that shortage?

Citation: Barnathan, M., Columbus, C., Radcliffe, M. (Producers), & Levant, B. (Director). (1996). Jingle all the way [Motion picture]. United States: Twentieth Century Fox.

Discussion 2

Watch the video clip from 
Bart Gets an Elephant.   (View 
Transcript.) 

Consider the relationship between price elasticity of demand and total revenue, and why Homer didn’t make the smartest business decision when raising the price of admission. For this week’s discussion question, you should pick two products: one that is relatively price inelastic and another that is relatively price elastic. You can determine a product’s relative price elasticity by considering the Determinants of the Price Elasticity of Demand listed in your textbook. You should begin by defining your product in terms of the determinants and then describe how increases in the price would affect total revenue.Would it make good business sense to be the one producing and selling these products? Why or why not?

Discussion 3

Watch the video clip from 

Cool Hand Luke
.   (View 
Transcript.)   

Consider how marginal benefits and marginal costs fit into Luke’s decision, and how the concept of diminishing marginal utility is at work as Luke eats more and more eggs.

a. What is driving his marginal benefits to continue to exceed his marginal cost?

b. Consider how Luke’s decision would change if he had to