Discuss the importance of considering elasticity in pricing decisions and the danger of relying solely on costs

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1. Using elasticity to determine the effects of price changes, and cost-based pricing. Discuss the importance of considering elasticity in pricing decisions and the danger of relying solely on costs. 200 word minimum
2. Identify a good you commonly use or would like to use. Explain at least three factors that would result in a shift in the demand curve for that good and three factors that would result in a shift in the supply curve for that good. Describe the effect on equilibrium price and quantity of each factor. Finally, explain how the shifts in demand and supply are different from movements along the demand curve or movements along the supply curve and why the distinction is important. 200 word minimum
3. Do you think only top managers (CEO, President, etc.) should prepare the company budget, or do you think all employees should have a say in the company budget? Why? 200 word minimum
4. Do you think all variances should be investigated and reported to top management or just those that are significant and/or over budget? Why? 200 word minimum

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