supply and demand conditions and price elasticity of demand

The purpose of this milestone is for students to begin their firm analysis from a microeconomic perspective, applying concepts learned in Modules One, Two, and
Three. Specifically, students will examine the supply and demand conditions for the goods or services the firm produces, paying special attention to how sales
and product development have evolved over time. Students will then apply the elasticity concept to determine how the price elasticity of demand for the firm’s
goods or services would be categorized, and they will examine what that suggests for the firm’s ability to increase or decrease prices.

Prompt: Submit a draft of the supply and demand conditions (Section II) and price elasticity of demand (Section III) of your research paper, including all critical
elements listed below. You will analyze data on firm sales and in the market overall to identify trends and inform your recommendation for the firm’s future
actions. You will also use available data to determine the price elasticity for the goods or services your firm produces and explain the factors that influence
consumers’ reactions and the firm’s pricing decisions.