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@ revel-ise.pearson.com RN 6] @ Pearson Pricing X Progress 40% Decision Point: Elastic or Inelastic? Several months have gone by. Production informs you that costs for the materials to produce the armchair have risen sharply. The product strategy team advises you that they will continue to use the high-quality materials, even if it means Fir-Niche will have to raise the price to cover the increasing costs. Before moving forward, the product strategy team wants to get an idea of how sales will fluctuate if the price for the chair increases. In your opinion, is the demand for the chair elastic or inelastic? Select an option from the choices below and click Submit. Elastic: As the price goes up or down, the demand will also fluctuate. @ Inelastic: As the price goes up or down, the demand will remain relatively constant.