Grantham University WK4 Microeconomics Task

This week’s assignment will involve investigating pricing strategies of local employers. Split up the group into two where one group will interview a business owner or manager that is involved in selling a good, such as food, clothing, electronics, any other type of good that people buy and take home. Then the other group will

  • Group 1: Interview a business owner or manager that sells a good, such as food, clothes, electronics, or any other good that people buy and take home;
  • Group 2: Interview a business owner or manager that provides a service, such as doctor, barber, beauty salon, dentist, music, lawn care, amusement park, movies, sports, or any service that people pay for.

Your goal is to determine whether the market that the business participates in is elastic or inelastic. Focus more on my PowerPoint and video lecture on this topic than the textbook.

Then both groups should communicate their findings with each other and reach a consensus on whether the markets are elastic or inelastic.

Complete the Word document attached below to report your findings and assess communication within your group.

 

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