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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 is determining demand elasticity important in economics?
What are the determined factors of price elasticity of demand
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.
Who evolved concept of elasticity of demand?
The concept of elasticity of demand was primarily evolved by economists Alfred Marshall and Arthur Cecil Pigou. Marshall introduced the idea in his seminal work "Principles of Economics" in the late 19th century, where he defined elasticity as a measure of how quantity demanded responds to price changes. Pigou later refined the concept, helping to establish it as a fundamental principle in microeconomic theory.
Significance of elasticity of demand?
Elasticity of demand will help managers determine what behaviors affect customer's buying behavior. Price elasticity will tell managers whether they can change the price of products or not.
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 is determining demand elasticity important in economics?
What are the determined factors of price elasticity of demand
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.
Who evolved concept of elasticity of demand?
The concept of elasticity of demand was primarily evolved by economists Alfred Marshall and Arthur Cecil Pigou. Marshall introduced the idea in his seminal work "Principles of Economics" in the late 19th century, where he defined elasticity as a measure of how quantity demanded responds to price changes. Pigou later refined the concept, helping to establish it as a fundamental principle in microeconomic theory.
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 came up with elasticity?
Elasticity, in economic terms, refers to the responsiveness of one variable to changes in another variable, typically used to measure how the quantity demanded or supplied of a good responds to changes in price. The concept was developed in the 19th century, with significant contributions from economists like Alfred Marshall, who formalized the concept in his work on supply and demand. Elasticity can be categorized into different types, such as price elasticity of demand, income elasticity, and cross-price elasticity, each providing insights into consumer behavior and market dynamics.
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.
Explain the concept of income elasticity of demand and how it is calculated?
When you have less income you tend to consume less.
The concept used by economics to indicate the response of quantity demanded to a change in price is known as?
elasticity
