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.

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 elasticity. How much control might an organization have over pricing based on a product s elasticity? Discuss which of the elasticity rules you used to determine your answer.

The Bureau of Labor Statistics and Federal Reserve Bank in St. Louis both have a lot of economic information. Based on current economic information, 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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