10-18. Creative Homework/Short Project Assume that you are an entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the current economic conditions merit an increase in the price of your baked goods. You are concerned, however, that increasing the price might not be profitable because you are unsure of the price elasticity of demand for your products. Develop a plan for the measurement of price elasticity of demand for your products. What findings would lead you to increase the price? What findings would cause you to rethink the decision to increase prices? Develop a presentation for your class outlining

(1) the concept of elasticity of demand, (2) why raising prices without understanding the elasticity would be a bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elastic and inelastic demand.