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What is the concept of 'elasticity of demand' its various forms and its usefulness for business decisionmaking?
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∙ 15y ago
Am a student and i need more insight to do my assignment. Thank you.
Wiki User
∙ 15y ago
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Why is elasticity an important concept for a business like beachfront properties?
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.
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.
Why ethics is a fundamental business concept?
Why is ethics seen as a fundamental business concept
Why is elasticity an important concept for a business like beachfront properties?
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.
What are the changes under the elasticity concept?
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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
How useful are the concept of elasticity in running a business successfully?
By the concept of Elasticity in the context of running a business.. the best view is taken in the elasticity of demand. Goods and Services are either highly elastic or low elastic. A good with highly elastic demand will have higher changes to quantities demanded for relatively small changes in price. Whereas something with a lower elastic demand, will not have major changes in demand for a small change in price. So for example, the price of a diamond is highly elastic, a small change in say a fall of diamond prices will have a huge impact, whereas something like salt, an increase or decrease in price will not affect the amount demanded. Thats how useful the concept of elasticity is in running a business successfully.
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 the difference between a traditional concept of business and a modern concept of business?
The traditional concept of business is profit motive but the modern concept of business is service oriented.
Business entity concept?
According to this concept, business is treated as a unit separate and distinct from its owner.
Why ethics is a fundamental business concept?
Why is ethics seen as a fundamental business concept
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
The concept used by economics to indicate the response of quantity demanded to a change in price is known as?
elasticity
