What does made in the usa really mean

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Reference no: EM133201223 , Length: Word Count: 4 Pages

Assignment - Made in the USA Discussion

Part 1 - What does "Made in the USA" really mean, and how does one know whether the many parts that go into assembling a product are actually all made in the United States? The Federal Trade Commission has issued a "Made in the USA" standard to enforce origin claims by companies in advertising and labeling. Search the FTC site and document on complying with the "Made in the USA" standard and discuss the factors determined by the FTC as to whether a product is "all or virtually all" made in the United States.(at least 1 page)

Part 2 - Instructions:

1. Please identify the following products/services whether its demand is elastic or inelastic and give a brief explanation for each demand. The lecture on factors that determine the price elasticity of demand could be helpful.

2. If you are selling/providing each of these products/services, would you raise its price up or lower the price down to increase the total revenue for each product/service? Please also briefly explain.

3. The demands for these products have different income elasticity as well. Please categorize them with regard to income elasticity whether it is an inferior or normal (necessity or luxury) good. Please provide a brief explanation.

Products -

1. Legal service

2. Fast food

3. New vehicles

4. Used vehicles

5. Lawn-care service

6. Milk (not about the brands)

7. Gasoline

8. Cigarettes

9. Lottery tickets

Write your answers and explanation and upload your explanation on to Canvas to earn up to $10,000 for this part. Once I got your answers, I will post a couple of interesting answers from your explanation on the discussion forum. Each of you is to give two meaningful responses to the post (to earn up to $2,000 for this part).

Reference no: EM133201223

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