Relatively Inelastic Relatively Elastic Unitary Elastic Perfectly Elastic Economics Homework Help

Primary Task Response:  600–800 words that respond to the following questions with yourthoughts, ideas, and comments. This will be the foundation for future discussionsby your classmates. Be substantive and clear, and use examples to reinforceyour ideas. APA with reference

Additional Information: The board of directors at AutoEdge is actively discussingseveral options to address flagging revenue. One option continues to surfaceduring each board meeting; that is, relocating the manufacturing operation backto the United States. Longtime Chief Financial Officer, Ingrid Adams, leads thegroup that is in favor of this option.

Ingrid Adams approaches you in the company break room.

“Hello,” she says. “I’m glad I saw you.”

“Hi,” you say. “What can I do for you?”

“I have a question about economics,” she says. “Ithink you can help me explain something to some shareholders on theboard.”

“Economics! My favorite subject,” you say.”What’s your question?”

“If AutoEdge decided to increase its prices and return tothe United States,” she says, “how would this action affect consumerdemand? I want to know your opinion about elasticity.”

“Sure,” you say. “So you want to know if theelasticity for auto parts is considered to be relatively inelastic, relativelyelastic, unitary elastic, perfectly elastic, or perfectly inelastic.Right?”

“Exactly,” she says.

“I have an opinion,” you say. “Do you want totalk about it now, or do you want something in writing?”

“Something in writing would be best,” she says. “Would you explain your opinion sothat I can respond to questions from other members of the board, too?”

“I’d be glad to,” you say. “I’ll put somethingtogether this afternoon and get it to you before I leave today. Is that soonenough?”

“Perfect,” she says. “Thanks for your help.”

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