Explain price elasticity of demand. Include in your answer the difference between inelastic and elastic demand (note you may need to do Internet research to help with this part of the answer). Are the products sold in the Country Manager game price elastic or inelastic? Explain your answer. What is "Competition-Based Pricing" all about? Within the competition-based pricing frame how are you pricing your products in the Country Manager game? Why are you using this method?
Please provide documentations.