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Because it shows how the market reacts to the change in price. therefore, companies would have to look at elasticity before they change their price.
Governments also look at elasticity when changing tax rate to get the highest tax revenue possible.
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Importance of elasticity of demand?
It is important because if a company doesn't understand their product's elasticity of demand, they are screwed!
How does college education impact price elasticity?
because education is so important
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 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 determining demand elasticity important in economics?
Determining demand elasticity helps managers know how to schedule their goods. When they know their product isn't in demand, they can purchase another product instead.
Importance of elasticity of demand?
It is important because if a company doesn't understand their product's elasticity of demand, they are screwed!
Why is price elasticity of demand important when a country is considering devaluation of its currency?
because it is important
How does college education impact price elasticity?
because education is so important
Why hair elasticity testing is carried out?
it is important to know wheater the bonds are already damaged or not
Why carried out hair elasticity test?
it is important to know wheater the bonds are already damaged or not
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.
In economics what are the types of elasticity?
price elasticity income elasticity cross elasticity promotional elasticity
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 determining demand elasticity important in economics?
Determining demand elasticity helps managers know how to schedule their goods. When they know their product isn't in demand, they can purchase another product instead.
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 are the significance of modulus of elasticity and modulus of rigidity in machine design?
IN MACHINE design modulus of elasticity place an important role. from the value of modolus of elasticity we come to know about maximum value of load that can be to the given material upto which the material is assume to follow the hook's law.
What are different types of elasticity?
The elasticity of demand refers to how sensitive the demand for a good is to changes in other economic variables. The different types are: price elasticity, income elasticity, cross elasticity and advertisement elasticity.
