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You have been analyzing the soft drink market for some time now. Your boss is the chief operating officer of Frosty Cola soft drink, a caffeinated soft drink selling in the same market as Coca-Cola, Pepsi Cola, and many other brands. You have made the following notes that you are about to present to him in your next meeting:
Percentage change in quantity demanded of Frosty Cola = -5 percent
Percentage change in price per bottle of Frosty Cola = +4 percent
a) What can you conclude about the responsiveness of Frosty Cola to its own price? How do you know
b) Given the data you've researched, what pricing strategy would you recommend to the COO of Frosty Cola in order to improve the company's revenue picture? Explain.
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