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Answer to Question #235410 in Finance for Relel

Question #235410

Evaluate in detail, why it is important for product managers to understand and track the price, income and cross‐price elasticity of demand of their products.


1
Expert's answer
2021-09-09T17:56:30-0400

The price elasticity of demand enables firms or suppliers to determine the impact of price changes on a firm's total revenue.


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