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Different
products have different price and income elasticities. Heart
medication, for example, is price inelastic and corn is price
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. [Objective 1.1]
2) 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 an industry you are familiar with, discuss the
effects of either a sudden increase or decrease in the number of
competitors on prices in the long run. Be sure to address the
scenario from the vantage points of both buyers and
suppliers. What would you recommend as a course of action, if
any? For the industry you have chosen, discuss how price is likely
to move from the present into the future. [Objective
1.2] 3) Discuss the implications of
varying price and income elasticities for the bundling or
unbundling of consumer services under a single heading such as
“health care.”
4) Using the concept of income elasticity, discuss the
impact an economic downturn on the market for
a particular product.
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