Do you think that, on balance, the own-price elasticity is Elastic or Inelastic? Explain, using the “Determinants of Elasticity”.

  1. What might be a Substitute or Complement for this product? Explain.
  2. Do you think this is a Normal or Inferior good? Explain
  3. Based on these answers, and on a forecast that the U.S. business cycle may be finally entering a sustained recovery phase, what would you recommend the company do with its production decision and pricing strategy over the next 2-3 quarters? How would your answer change if the forecast changes to expect an economy that will enter a prolonged recession?

APA formatting. Paper should be 2-3 pages in length, double-spaced.

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