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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.
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.
it is what elasticity of demand
Elasticity helps to find optimal production quantities and thus optimal profits.
How can government benefit from the elasticity concepts? Analyse the various economic policies which will benefit from the concept.
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.
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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.
how government use the elasticity concept to genrate revenue
it is what elasticity of demand
Elasticity helps to find optimal production quantities and thus optimal profits.
How can government benefit from the elasticity concepts? Analyse the various economic policies which will benefit from the concept.
It's not. A toll bridge can be rigid. Now if you were to ask the same and omit 'toll'..... bridges depending on type, need flexibility and elasticity for contraction and expansion during changes in ambient temperature and ground movement
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
It is important because if a company doesn't understand their product's elasticity of demand, they are screwed!
When you have less income you tend to consume less.
elasticity