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Explain why elasticity of demand is such an important concept to marketers who sell a commodity product?
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.
Why is elasticity of demand a fine theoretical concept of economists but difficult for marketers to use in practice?
it is what elasticity of demand
Why elasticity concept is required by managers?
Elasticity helps to find optimal production quantities and thus optimal profits.
What are the benefits of elasticity to government?
How can government benefit from the elasticity concepts? Analyse the various economic policies which will benefit from the concept.
What is relative and perfect elasticity?
Relative elasticity refers to the responsiveness of quantity demanded or supplied to changes in price, typically measured as the percentage change in quantity divided by the percentage change in price. Perfect elasticity, on the other hand, is a theoretical concept where the quantity demanded or supplied changes infinitely with any change in price, resulting in a horizontal demand or supply curve. In practical terms, this means that consumers will only buy at a specific price and none at any other price. Relative elasticity can take various forms, whereas perfect elasticity is an extreme case.
Explain the importance of the Prudence concept?
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Explain the concept of income elasticity of demand and how it is calculated?
When you have less income you tend to consume less.
Where is lake maricibo?
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
What makes elasticity a physical property?
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.
Explain the importance of the Behistun Rock to historical perception of the Persian concept of rule by kings?
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Explain why elasticity of demand is such an important concept to marketers who sell a commodity product?
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.
Demonstrate the Relationship between elasticity and totoal revenue?
how government use the elasticity concept to genrate revenue
Why is elasticity of demand a fine theoretical concept of economists but difficult for marketers to use in practice?
it is what elasticity of demand
What are the benefits of elasticity to government?
How can government benefit from the elasticity concepts? Analyse the various economic policies which will benefit from the concept.
Why elasticity concept is required by managers?
Elasticity helps to find optimal production quantities and thus optimal profits.
What is the concept of communication and its importance to productivity?
How importance is the concept of communication to cooperate productivity
What is the meaning and importance of valuation concept?
Valuation Concept is Valuation concept no concept about it.
