1. Suppose income elasticity of demand for furniture is 3.0 and the income elasticity of demand for physician services in 0.3. Compare the impact on furniture and physician services of a recession that reduces consumers' income by 10%.
2. Develop a graphical model explaining how a Fortune 500 firm would select a consulting organization.
3. List and describe the consumer rights that have become social expectations of business. Why have some of these rights been formalized though legislation? should these rights be considered ethical standards?