To earn the maximum amount of points, I recommend responding in a 150 to 200 word response. Check it for spelling/punctuation and develop the draft in a word document. The reason I recommend this is because Canvas logs you out and you might lose the data while your word document may preserve it. Please do not summarize the article for me. I have read them. Instead, respond to the following prompt by using economic terms/concepts from the textbook. You can use your own experience to reflect how the articles relate to the chapter from the book and copy terms from the book. However, whenever you copy something exactly word by word, make sure you put parenthesis for example, "words".

Relate the following article(s) to either one of these concepts: elasticity, price elasticity of demand, income elasticity of demand, or cross elasticity of demand.

Toyota Increases Prices on Six Vehicles (Chapter 3)

Toyota (Links to an external site.) announced last week that it is raising prices on five model-year 2012 Toyota vehicles and one 2013 Scion (Links to an external site.) vehicle. The MSRP increase ranges from $50 to $270, depending on the model and trim level. The higher U.S. prices will go into effect in May, Toyota says in a statement (Links to an external site.). Prices for all other new Scion and Toyota vehicles remain the same.

Toyota and Scion models receiving a price increase:

• 2012 Toyota Camry (Links to an external site.): increase of $50 to $270, depending on trim level
• 2012 Toyota Camry Hybrid (Links to an external site.): increase of $90 to $100, depending on trim level
• 2012 Toyota Prius v (Links to an external site.): increase of $150
• 2012 Toyota Highlander Hybrid (Links to an external site.): increase of $175
• 2012 Toyota Tacoma (Links to an external site.): increase of $250
• 2013 Scion tC (Links to an external site.): increase of $150

USA Today (Links to an external site.) says that the price bump could be attributed to the dollar being weak. As a result, the price increase helps Toyota earn a profit when they import vehicles. Still, thats not the case with all affected vehicles. USA Today reports that the Camry, Tacoma and some of the others are U.S.-built, so this looks like trying to squeeze a little -- just a little -- more profit out of them.

Inside Line (Links to an external site.) writes, An extensive round of price increases on some Toyota models signals better health for the auto industry but not good news for consumers.