What is the significance of price elasticity of demand to a producer​

Price elasticity of demand helps in determining price to be paid to the factors of production. Share of each factor in the national product is determined in proportion to its demand in the productive activity.

Explanation:

Elasticity helps us understand how much a change in price will affect market behaviors. ... Elasticity is important to pricing decisions because it helps us understand whether raising prices or lowering prices will enable us to achieve our pricing objectives

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