Economy, asked by smansoor19, 10 months ago

What is the importance of elasticity of demand in Business decisions making.

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Answered by Anonymous

3

The concept of elasticity for demand is of great importance for determining prices of various factors of production. Factors of production are paid according to their elasticity of demand. In other words, if the demand of a factor is inelastic, its price will be high and if it is elastic, its price will be low.

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