Topic 1. Discuss why it is beneficial for businesses to know the relative elasticity of the demand for their product. Ho

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Topic 1. Discuss why it is beneficial for businesses to know the relative elasticity of the demand for their product. Ho

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Topic 1. Discuss why it is beneficial forbusinesses to know the relative elasticity of the demand for theirproduct. How can knowing the degree of elasticity of demand fortheir product be useful to decision makers?
Topic 2. Think of two goods for whichdemand is inelastic with respect to price. Do producers preferproducts for which demand is more elastic or less elastic? Whatwould consumers prefer? Discuss
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