Price elasticity of demand is an important tool

In 350 words answer both questions
 
References from scholarly articles,books or journals willstrengthenyour argument.
Price elasticity of demand is an important tool for managers in in a selling environment in deciding what to put on sale. Assume you are the District Manager of a grocery chain which sells everything like Ralphs or Albertsons. What will you put on sale in your district during the Valentine’s Day week? You must provide your reasons.
As a Manager, your goal is to maximize profit of your business. Assume you are in charge of managing your company’s costs – you are the Controller of Accounts and all purchases must be approved by you. With appropriate examples, illustrate how you and your Division will contribute to maximizing profit of your business.

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