1. Business
  2. Economics
  3. managers should include price elasticity of demand in their decision...

Question: managers should include price elasticity of demand in their decision...

Question details

Managers should include price elasticity of demand in their decision making because

a. price elasticity of demand indicates how total revenue is going to change based on a change in price

b. price elasticity of demand immediately predicts profit changes when changing prices.

c. when price elasticity of demand approaches 0, profit is minimized, regardless of a change in price.

d. price elasticity of demand indicates directly how supply should change given a change in price.

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution