Have you ever noticed that prices changes from time to time, Ask an Expert

Economics

Have you ever noticed that prices changes from time to time for seemingly no reason? Well, believe it or not, there is most definitely a reason. Businesses try to extract as much money as possible from consumers for their products. However, the firm owner/manager needs to know whether the firm can safely and effectively raise/lower its price and what the impact of doing so will be. The price elasticity of demand helps the owner/manager make that determination.

When you pick your product, think about the following questions: What are some of the dynamics of this market? How are prices determined? What might cause prices to change in the marketplace?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91823866

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