Reference no: EM133130422

The name of the business I am doing is Tech G fighters' company. The specific cost of starting your own business is that you will have what is called Expenses which is are incurred in the process of establishing a new business known as the start-up costs. Every business is different from another therefore requires totally different costs of startup. There are however few expenses that are quite common to almost all business types. Tech G fighters company has the following key startup costs for it to be established and be a viable project. Equipment and provision, investment cost, Office space costs/rent, Payment of debts, Licenses and permits, Advertising and marketing, Employee salaries, vacation costs, Inventory, and Insurance costs. Accounting costs are recorded costs of activities taken by a business that appears in the company's financial statements. Accounting costs, therefore, denotes any cost paid out by a business. In the case of Tech G fighters' company, the following costs are accounting costs. Office space, employee salaries, insurance and inventory, licenses and permits, advertising and marketing costs.

1. Indicate if the demand for your good or service is elastic or inelastic.

2. Describe the specific characteristic(s) of your good or service that leads to its elasticity or inelasticity.

3. Explain how the (in)elasticity of demand influences your ability raise total revenue.