Explain how you may apply economic concepts when managing a business/enterprise by answering the questions What are
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Explain how you may apply economic concepts when managing a business/enterprise by answering the questions
What are the demand drivers of the product of interest?
What are the supply drivers? Identify any supply issues.
What is the elasticity for the product of interest? How does this elasticity influence product demand and profitability?
What is the market structure for this product? (monopoly, oligopoly, monopolistic competition). How does this information influence your previous answers?
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