Business, 20.09.2021 01:00 ant5784tgi
Information on the price elasticity of demand is particularly important to managerial decision making because:
a. the higher the price elasticity of demand for a product is, the more profitable it will be to produce more of it.
b. as the price elasticity coefficient approaches one, profits will increase.
c. it allows one to predict how total revenue will respond as a result of a change in price.
d. depending on the elasticity coefficient, decision makers will immediately know if a price change will cause profits to increase or decrease
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