This syndicate assignment requires an application of elasticity to the selected product (food) in South Africa. Students are required to use the practical application of elasticity to the selected product in South Africa. Assume that maize is a staple food in South Africa. This means that if there is no maize, South Africans will die. You are therefore required to do the following: Use the price elasticity of demand analysis to discuss whether you expect the demand for maize to be elastic or inelastic. Explain why? Based on your answer to the previous question, if the demand for maize is elastic or inelastic, what will happen to total revenue? (Hint: This question is based on the relationship between elasticity and total revenue). Based on your answer to the two questions, above, explain what needs to be done in terms of price decisions. In other words, as a business leader, should you increase or decrease the price? (Hint: If the demand is elastic, should the price be increased or decreased or remain unchanged? If the demand is inelastic, should the price be increased, decreased, or remain unchanged?).