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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!


Why is it important for businesses to understand the laws of supply and demand?

LoL........LSC students.


What is demand and law of demand?

The law of demand is that when you demand something you MUST say please and thank you, it's the law.


What is derivation of law of demand?

Law of demand is the higher the price the lower of goods demand for


Why does the law of demand hold?

why does the4 law of demand holds


Law of demand and supply?

Consumers is the law of supply and demand.


Example of law of demand?

marketing is a great example of law of demand


Why is the history of law important?

History of law is important because it offers an interdisciplinary perspective on law with which can better understand specific fields of law and legal doctrines, different approaches to legal reasoning, and law as a profession.


What are the demand questions that need to be addressed in order to understand the market trends for this product?

To understand market trends for a product, it is important to address demand questions such as: What is the current demand for the product? What factors influence consumer demand? How does pricing affect demand? Are there any emerging trends or changes in consumer preferences impacting demand? By analyzing these questions, businesses can gain insights into market trends and make informed decisions.


Define law of demand?

the law of demand state there is a negative or inverse relation ship


Explain law of demand?

Law of demand is an important law of economics. It establishes a relationship between price and demand.other things renaming the same when the price of commodity falls its demand will go up likewise,when the price of the commodity rises its demand will fall price and demand moves in opposite direction.there is inverse relationship between demand and price.in other words low price high demand high price low demand.


Why do you think is important for managers to understand the mechanics of supply and demand both in the short run and in the long run?

LoL........LSC students.