annandandlovu annandandlovu

16-06-2021
Business

contestada

what is the significance of price elasticity of demand to a producer

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4aminfatuation 4aminfatuation

16-06-2021

Answer:

See the explanation below

Explanation:

Significance of price elasticity of producers:

useful in pricing decisions
when demand is elastic, firms have to reduce their price to earn more revenue
when demand is inelastic firms need to raise prices to earn more revenue

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