Short Essay Assignment In a 2 to 3 page short critical economic thinking essay of a minimum of 400 words and a maximum of 600 words (penalties applied if below the minimum or above the maximum based on how close to the minimum or maximum is involved), thoughtfully respond to the questions or directives below based on the provided scenarios (do not include the scenarios or questions/directives in your essay). First Scenario: For most business firms that sells a particular good on the market, a decision has to be made from time-to-time to either raise the price of the good, lower the price of the good, or keep the price of the good unchanged. Based only on the concept of demand elasticity: When would you recommend raising the price of the good? Explain why. When would you recommend lowering the price of the good? Explain why. When would you recommend keeping the price of the good unchanged? Explain why.
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