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Importance of price elasticity of demand in business​

Importance of price elasticity of demand in business​
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Importance of price elasticity of demand in business​

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User Daniel Magliola
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It’s important because it determines the prices of various factors of production.
Ex: if demand of a factor is inelastic, the price will be high. if it is elastic the price will be low
Hope this helps
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User McKay
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