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Price elasticity

Price elasticity: Managerial Economics
Price elasticity: Managerial Economics

Price elasticity describes how much the demand for a product or a service changes, if its price changes. Most entrepreneurs and executives want to charge the highest possible price for their product and service, without losing too many customers. Without knowing or at least assuming a price elasticity, you can never find the best price for your service and product.

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Skill Level Intermediate
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