You need to select a commodity of your choice. Explain how the price of the product changed over time. Using the economic concepts, explain why the price changed. Note, the price could go up or down. You will need to have an economic reasoning on why the product’s price increased or decreased. Explain the concept of elasticity. What are some of the determinants of (price) elasticity of demand? Why do managers need to have an understanding of this economic concept? Provide some examples of how it could be useful to management. Comment on each other’s responses

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You need to select a commodity of your choice. Explain how the price of the product changed over time. Using the economic concepts, explain why the price changed. Note, the price could go up or down. You will need to have an economic reasoning on why the product’s price increased or decreased.

Explain the concept of elasticity. What are some of the determinants of (price) elasticity of demand? Why do managers need to have an understanding of this economic concept? Provide some examples of how it could be useful to management. Comment on each other’s responses

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