What product to work on:

the product (good) is milk in the UAE

What is the research about:

Use the ideas learned about demand and price elasticity of demand learned in class (and particularly the four key factors that determine price elasticity of demand - Chap 5) to discuss the expected price elasticity of the product you are assigned. Indicate what you expect the price elasticity of demand of the product to be (e.g. Elastic or inelastic). Support your view on the expected price elasticity by discussing the various variables likely to affect its elasticity:

Aspects to cover in your report:

Your discussion should include (but not limited to) the following: -what other products are likely to compete with it, and how this will affect its price elasticity -is the good a necessity, or not -how has the good/market been defined -cite relevant studies or reports that might have computed or analyzed elasticity of the product or related product. Make sure to reference all the studies or reports cited. At least four published articles must be cited and referenced.

Outline of the research project: You must provide:

1. Introduction: Provide short description of product/ product category chosen, as well as explaining what price elasticity is.

2. Discussion section about the expected price elasticity of good you chose, with any supporting evidence from other research or reports