Is demand for the product elastic or inelastic in short run

Reference no: EM13244093

Select two companieswhose product(s) you use in your daily life. You may choose anyfirms you wish, as long as their information is publicly available(as to their products and financial information) and they are knownto the average person.

Describe, in detail,each company's product line in terms of:
Product description andusage
Factors that determinethe demand for the products
Factors that determinethe supply of the products
Available substitutesfor the product
Available complementsfor the product

Is demand for theproduct elastic or inelastic in the short run? In the longrun?

Is the firm's productioncapital-intensive or labor-intensive? How important is technologyin the producing the product? Why?

In which of the fourmarket structures does each firm operate? Describe the attributesof the firm's market that show why that is the relevant marketstructure.

What do you think arethe long term prospects for the product? Why?

Reference no: EM13244093

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