Describe the implications of this economic forecast

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Impact of technology on productivity and average total cost

Gasoline as product:

1) Identify and discuss issues that affect cost on gasoline.

2) Discuss the impact of technology on productivity and average total cost.

3) Describe three to five factors in the economy that will impact the demand for gasoline and one for the cost associated with producing the good or service.

4) Identify the economic indicators that reflect those factors.

5) Locate a forecast for each of the economic indicators you have selected for the next two years. In some cases, it may be more feasible to look at prior trends for selected indicators rather than forecasts.

6) Comment on the degree of confidence that can be placed in economic forecasts.

7) Discuss the implications of this economic forecast and the income elasticity of demand for the pricing strategy.

 

Reference no: EM1334589

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