SafeMart is opening a new supermarket and you must set prices. You set storewide margins to balance volume and profit. You then optimize prices for particular price elastic and inelastic goods in the store. Analysis and Discussion Questions: Describe the effect on volume and margins of setting overall margins very high? Describe the effect on volume and margins of setting overall margins very low? Describe your process for finding an optimal (or near optimal) general margin for your store? What does it mean for products to have different price elasticities? What characteristics of an item might suggest low elasticity? What characteristics of an item might suggest low elasticity? How should you price a low elasticity product? How should you price a high elasticity product?