You have been tasked with presenting financial information to the Board of Directors for an upcoming meeting where they will make pricing decisions for a critical product in the next period. Upon analyzing the data, you've observed that there was a 4% general inflation rate between the previous and current periods. Additionally, it's projected that costs will rise by 6% in the upcoming period. Despite this cost increase, the company did not raise its selling price in the current period, while competitors adjusted their prices upward by 4% to offset rising costs. Furthermore, an economic consulting survey has determined that the product's demand is elastic, with a price elasticity of demand estimated at 1.5. This implies that the volume of product sales will decline by one and a half times the rate of any real price increase. (a) Calculate the budgeted position if the company maintains its current selling price of $13 for the next period (assuming competitors increase their prices by 6%). (b) Calculate the budgeted position if the firm chooses to increase its prices by 6%. (c) Prepare a concise report to the Board, including relevant figures, and recommend whether the firm should maintain its current selling price or raise it by 6%