ELASTICITY OF DEMAND Scenario 3: a. If your company's product has many substitutes in the market,...

Transcribed Image Text:

ELASTICITY OF DEMAND Scenario 3: a. If your company's product has many substitutes in the market, what happens to the elasticity of your product? If your company's product has few substitutes in the market, what happens to the elasticity of your product? If your company's product has no substitutes in the market, what happens to the elasticity of your product. b. Use a numerical data of price and demand to show the price elasticity of your good. c. Draw and show this effect of change in price on the demand for your company's product with the help of a demand curve. ELASTICITY OF DEMAND Scenario 3: a. If your company's product has many substitutes in the market, what happens to the elasticity of your product? If your company's product has few substitutes in the market, what happens to the elasticity of your product? If your company's product has no substitutes in the market, what happens to the elasticity of your product. b. Use a numerical data of price and demand to show the price elasticity of your good. c. Draw and show this effect of change in price on the demand for your company's product with the help of a demand curve.

Answer rating: 100% (QA)

f the companya product hasange in quantity Sol a of the comp anys product has Many eubslitu... View the full answer