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Elasticity of demand is important to marketers because it helps them know the optimal price for the product. When a product is priced too high, the consumers may opt for a competitor's product.
it is what elasticity of demand
Elasticity helps to find optimal production quantities and thus optimal profits.
How can government benefit from the elasticity concepts? Analyse the various economic policies which will benefit from the concept.
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.
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When you have less income you tend to consume less.
with example explain the concept of of elasticity of supply and interpretating the result graphical and descuse the relationship between price elasticity and suppliers total revenue
The concept of elasticity is a physical property because force can mutate a physical item and then when that force is removed and elastic object returns to its original form.æ Using elasticity to explain non physical phenonmena is a misnomer.
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The importance of autonomy is mainly political and moral. For many, this concept connects social responsibility to practical reasoning. It helps them determine their own morality and how to use it in their life.
Elasticity of demand is important to marketers because it helps them know the optimal price for the product. When a product is priced too high, the consumers may opt for a competitor's product.
how government use the elasticity concept to genrate revenue
it is what elasticity of demand
Elasticity helps to find optimal production quantities and thus optimal profits.
How can government benefit from the elasticity concepts? Analyse the various economic policies which will benefit from the concept.