Different products have different elasticities. Heart medication, for example,is inelastic and corn is elastic. Find a product that has not already been selected and describe the price elasticity and income elaticity. How much control might an organiztion have over pricing based on a product s elasticity?

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Different products have different elasticities. Heart medication, for example,is inelastic and corn is elastic. Find a product that has not already been selected and describe the price elasticity and income elaticity. How much control might an organiztion have over pricing based on a product s elasticity? Discuss which of the elasticity rules you used to determine your answer? 2 The Bureau of Labor Statistics and Federal Reserve Bank in St. Louis both have a lot of economic informatio. Based on current economic informatio, for the industry you are familiar with, discuss the positive and negative effects of either a sudden increase or decrease in the number of competitors on prices in the long run. What would you recommend as a course of action, if any? For the industry you have chosen, discuss how price moves from today to the future.

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