You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product.
You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making.
You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price
Present your findings in a report that provides the following information:
• Introduction
Explain the purpose of your report and identify the product you have chosen (Provide a brief explanation of the product category if it is one that is not well known).
(+- ¼ page)
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The Concept of Elasticity
Explain the general concept of elasticity and how it can be applied to improve the decisions made about a product.
(+- ¼ page)
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