Products, Services, and Prices in the Free Market Economy University of Phoenix Products, Services, and Prices in the Free Market Economy Corporations should be well aware of the concepts behind what drives their business. When contemplating Microeconomics, there are several factors to consider such as Elasticity of Demand, cost concepts and profit maximization principles. In order to achieve maximum potential for the product or service, the business needs to recognize sustaining factors and be able to calculate fair market value. There is a vast array between the costs of tuitions offered by universities and colleges throughout the United States. Although very similar in coursework, prices fluctuate by locality and demand. With a substantial set of substitutes and a finite set of students, each higher educational facility must determine the price point for classes. The Apollo Group, Inc., through one of its subsidiaries, the University of Phoenix, (UOP), established itself as an educational provider for working adults. As an innovator of the programs, and the hi......

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