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# Elasticity and Its Application

Over the last year your boss has noticed that it would be useful for your firm to understand how consumers behave when variables in the market change and how these changes affect the total revenue for your product. You have been asked to do an analysis for your product, Good A, by addressing the following questions and reporting the results to your boss in a formal paper. Questions: Define the price elasticity of demand? What information does it provide? How is it calculated? Define the income elasticity of demand? What information does it provide? How is it calculated? Define the cross-price elasticity of demand? What information does it provide? How is it calculated? What is total revenue? How is it calculated? Define elastic, inelastic, and unitary elasticity means. How are these related to total revenue? Explain your answers. With respect to the price elasticity of demand, construct a graph using the data in Figure1. Illustrate the ranges on the demand curve that indicate elastic, inelastic, and unitary elasticity. Explain your answers. Enter non-numerical responses in the same worksheet using textboxes. Calculate the total revenue for each level of demand and post into the table, Figure 1. (Copy and paste this table into the Microsoft Word document that will form part of your submission.) Using the midpoints formula presented in the textbook, calculate the price elasticity coefficient for each price level, starting with the coefficient for the \$4 to \$6 level. For each coefficient, indicate each type of elasticity: elastic demand, inelastic demand, or unitary demand. Post your answers into the table, Figure 1. Assume that the income of consumers changes by 10%, and as a result the quantity demanded for Good A changes by 8%. What is the income elasticity of demand for Good A? What does this mean for your company? Assume that the price of competing Good B decreases by 5% and as a result, the quantity demand for Good A decreases by 8%. What is the cross-price elasticity for your product? What type of goods are Good A and Good B?

## CS-340 Final Project

CS-340 Final Project.

The final project will encompass developing a web service using a software stack and implementing an industry-standard interface. Regardless of whether you
choose to pursue application development goals as a pure developer or as a software engineer, creating and reusing software components will be a needed
fundamental skill. Application programming interfaces (APIs) have become an industry-standard design pattern for enabling software component
communication in a stacked development environment. In the final project, you will be taking advantage of and seeing firsthand the abilities of API calls to
create a reusable software service. This service will enable other developers or software engineers to make use of your developed capabilities through an
industry-standard web service API. In expanding your knowledge and use of APIs, you will in turn make use of the MongoDB API service to enable your
application as a specialized information storage and retrieval service.
The project has two milestones, which will be submitted in Modules Four and Five. The final project will be submitted in Module Seven. Note, however, that
the assignments in Modules Two and Three are crucial to building your MongoDB skills. Also note that throughout the course you will be practicing your newly
learned skills on data sets that are different from your final project data set; when you complete your final project, you will demonstrate your mastery of your
practiced final project skills using a new data set. For all of your assignments, make sure you are reviewing and incorporating instructor feedback before
In this assignment, you will demonstrate your mastery of the following course outcomes:
• Communicate use of advanced programming technologies and associated programming operations effectively to stakeholders
• Use a higher level programming language for developing within a full stack environment
• Use advanced programming techniques that interface within a full stack environment
• Develop an application that integrates with current and emerging technologies in an effective and efficient manner
Prompt
As a newly hired software engineer for a financial services startup, you are tasked with creating a reporting service for basic stock market securities information.
This reporting service will be used by other software engineers in the company for creating interactive web reports and dashboards.
Knowing that your service needs to be easily accessible, you have chosen to use the RESTful application programming interface (API) web-based protocol. Also
knowing that your startup will more than likely focus in the future on various types of securities other than company stock, you decide to use MongoDB, a
NoSQL document-storage system. MongoDB is supported by many languages, including Java and Python, via driver APIs. And since the RESTful API is already a
part of many web application server frameworks using either Java or Python, you will only need to code and test the uniform resource identifier (URI) paths for
the following functionality:
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• Enable CRUD (create, read, update, and delete) operations specialized for stock market securities information.
• Select and present specific stock summary information info by a user-derived list of ticker symbols.
• Report a portfolio of five top stocks by a user-derived industry selection.
• Report a portfolio of possible stock investments for a selected company by similar industries.
To verify and test your RESTful web service, you will use a simple command line tool, such as curl, with a set of example URIs. Although the startup is a fastmoving organization, documentation is still a critical element for communication. Therefore, along with your RESTful API, you will provide user documentation in
the form of explanations and screenshots.
Specifically, the following critical elements must be addressed:
I. Collection Management: In this section, you will create a database and create single or compound indexes. The database data set collections are
A. Utilize the mongoimport tool to create a database named “market” and a collection named “stocks,” loaded with documents from the
stocks.json file. Provide screenshots of the statements and the results of their execution.
B. Assess the need for indexing as you formulate queries and, using the MongoDB shell, create any needed single or compound indexes. Provide
screenshots of the statements and the results of their execution.
C. For all of your screenshots, explain in detail each part of the associated MongoDB statements and their results to internal stakeholders. Be sure
your explanations are logically organized and clearly communicated to meet the needs of the internal stakeholders.
II. Document Manipulation: In this section, you will add, update, and delete documents, making changes to the collection you created in the previous
section. Provide source code in a text file for the functions you will create below.
A. Insert new key-value pairs into documents using appropriate MongoDB statements. Specifically, create a function or method in Python or Java
that will read from a file or standard input stream a value pair stream in JSON notation and insert this document into the stocks collection. You
will also need to create a simple application scaffold for testing your function or method. Provide screenshots of the results of their execution.
B. Update existing documents using appropriate MongoDB statements. Specifically, create a function or method in Python or Java that will update
the document “Volume” key-value pair identified by the string input stock ticker symbol “Ticker” and numerical input “Volume” value of your
choice greater than zero. The function or method will update the document “Volume” key-value pair identified by the given ticker symbol and a
new “Volume” value of your choice greater than zero. You will also need to create a simple main application to call your function. Provide
screenshots of the results of their execution.
C. Delete existing documents using appropriate MongoDB statements. Specifically, create a function or method in Python or Java that will take as
input a stock ticker symbol “Ticker.” The function or method will remove the document identified by the given ticker symbol. For example, use
the ticker symbol “BRLI.” You will also need to create a simple application scaffold for testing your function or method. Provide screenshots of
the results of their execution.
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D. For all your screenshots, provide explanations of each part of the associated MongoDB statements and their results. Be sure your explanations
are logically organized and clearly communicated to meet the needs of the internal stakeholders.
III. Document Retrieval: In this section, you will create code to query the collection to retrieve information about the application. Provide source code in a
text file for the functions you will create below.
A. Retrieve documents from collections by using the appropriate find statement arguments.
i. Specifically, create a function or method in Python or Java that will take as inputs numerical values for low and high. The function or
method will find documents for which the “50-Day Simple Moving Average” is between the low and high values and return the count
of the number of documents found. You will also need to create a simple main application to call your function. Provide screenshots
of the results of their execution.
ii. Additionally, create a function or method in Python or Java that will take as input a string. The function or method will find
documents for which the input string matches the document key “Industry” and returns the list of ticker symbols found to match
that industry. For example, use the industry string “Medical Laboratories & Research.” Again, you will also need to create a simple
main application to call your function. Provide screenshots of the results of their execution.
B. Write MongoDB aggregation pipeline statements that transform documents into aggregated results using multiple pipeline stages as
appropriate. Specifically create a function or method in Python or Java that will take as input a string. The function or method will find
documents for which the input string matches the document key “Sector” and returns the total outstanding shares grouped by document key
“Industry.” Examples of sector string inputs are “Healthcare,” “Basic Materials,” and so on. You will also need to create a simple main application
to call your function. Provide screenshots of the results of their execution.
C. For all of your screenshots, provide explanations of each part of the associated MongoDB statements and their results. Be sure your
explanations are logically organized and clearly communicated to meet the needs of the internal stakeholders.
IV. Advanced Programming Project: In this section, you will develop a web service application to implement a RESTful application programming interface
(API) for a MongoDB database. Provide source code in a text file (either .java or .py) for your complete web service application that encompasses all of
the functionality below.
A. Develop a RESTful API using a Python or Java web services framework for a MongoDB collection of stock market summary data, ensuring your
code is functional, reusable, concise, and commented.
B. Enable specific CRUD functionality in a developed RESTful API framework. Use the example URIs linked in the prompt to test and validate your
framework. Provide screenshots of the code and its execution, ensuring your code is functional, reusable, concise, and commented.
C. In your RESTful API, enable the following functionality (advanced querying), ensuring your code is functional, reusable, concise, and commented:
i. Select and present specific stock summary information by a user-derived list of ticker symbols. Provide screenshots of the code and its
execution.
ii. Report a portfolio of five top stocks by a user-derived industry selection. Provide screenshots of the code and its execution.
CS-340 Final Project