Managerial Economics
Is the good or service sold by the company price elastic or inelastic?
How price elastic or inelastic is it?
How important is the income elasticity of demand for this good or service?
Is the product a normal good or an inferior good?
What is the elasticity of supply for this good or service? Will the company be able to respond to changes in price?
Based on your research, what strategies would work for your company to maximize revenue and profits?
