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Why is elasticity an important concept for a business like beachfront properties?
Wiki User
∙ 9y ago
Elasticity an important concept for a business like beachfront properties because it determines how much the value of the property could potentially fluctuate. If the price goes down, demand increases.
Wiki User
∙ 9y ago
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Importance of cross elasticity of demand?
Cross elasticity of demand is sometimes written as XED. In business the cross elasticity of demand is important because it will help determine whether or not it is a good move to increase or decrease prices or to substitute one product for another for the purpose of revenue.
What role does price elasticity demand play in decision making by business firms?
price elasticity
What is role of price elasticity of demand in business decision?
role of price elasticity of demand in managerial decisions
How the elasticity of demand affect managerial decisions?
Elasticity of demand affects managerial decisions because the demand of a product changes with the wrong business decision. Managers must be careful about what they choose to do with their products.
What is the concept of 'elasticity of demand' its various forms and its usefulness for business decisionmaking?
Am a student and i need more insight to do my assignment. Thank you.
Importance of cross elasticity of demand?
Cross elasticity of demand is sometimes written as XED. In business the cross elasticity of demand is important because it will help determine whether or not it is a good move to increase or decrease prices or to substitute one product for another for the purpose of revenue.
What role does price elasticity demand play in decision making by business firms?
price elasticity
What is role of price elasticity of demand in business decision?
role of price elasticity of demand in managerial decisions
Why would understanding elasticity benefit a small business owner?
It tells the business owner what their demands will be.
How might you calculate elasticity of supply?
Elasticity of supply is the amount a price changes based on changes in supply. An elastic good's price will change as the price changes. If the good is inelastic, as the supply of the product changes, the price does not change. Inelastic curves are very straight up and down. Elastic curves are straight horizontally. Elasticity of supply is an important factor for business managers. Business managers want to know how the price they offer for their product will change based on how much they produce.
Why the properties of business man called company assets?
Properties in a business is called company assets because it is what keeps the business going. This is the money that is collected in a business.
How the elasticity of demand affect managerial decisions?
Elasticity of demand affects managerial decisions because the demand of a product changes with the wrong business decision. Managers must be careful about what they choose to do with their products.
What are the 4 characteristics of business demand?
the 4 characteristics of business demand are derived demand, fluctuating demand, stimulating demand and finally demand elasticity!
What is the concept of 'elasticity of demand' its various forms and its usefulness for business decisionmaking?
Am a student and i need more insight to do my assignment. Thank you.
What is Jim Duggar's family business?
they rent out properties
How do the indirect taxes affect the private business?
Indirect taxes causes an increase in prices... But, first we would see the price elasticity of the product, that the business sells. If the price elasticity is high, then, the increase in prices would result in less sales. resulting in low profits. On the other hand, if the price elasticity is low, it would not affect the business much. This is because the product would be in demand and people would be buying it because it costs a small proportion of the income or it is a basic necessity, for example: Bread. For this business, there would be a very small change in sales revenue and hence, profits.
Can you do business without studying business law?
IF we like business then why study is important nothing is important in business
