Has the price of any of the products or services your company produced changed recently? How could you use elasticity of demand to help in making that decision?

Price elasticity of demand". You can explain the elasticity concept, formula to calculate elasticity and interpretation of the elasticity value like-inelastic, elastic or unitary elastic demand.

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Price elasticity of demand is a measure of how sensitive the quantity demanded of a product or service is to changes in its price It helps in understa... View the full answer