Saturday 12 September 2009

ECONOMICS "How useful is knowledge of elasticity for a business?"

Lets imagine that I'm businessman. What I have to know about Market? Demand and Supply? And elasticity will play the major role in this situation as It helps to understand whether my product will be demanded by consumers and will be competitive; also by knowing elasticity I'm as a businessman will be able to increase or reduce prices. However, elasticity is just an approximate measure and might not give an accurate picture of the situation.
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3 comments:

  1. chris sivewright12 September 2009 at 23:12

    What does elasticity assume?

    ReplyDelete
  2. Di13 September 2009 at 14:01

    www.tutor2u.net
    www.s-cool.co.uk
    www.repidrevision.co.uk/economics_teacher
    www.bized.co.uk
    I doesn't find anything.
    elasticity assume - major part in business because if i want to get an a benifit i must know what prices on the market.

    ReplyDelete
  3. chris sivewright13 September 2009 at 19:04

    watch the video

    http://efeconomics.blogspot.com/

    ReplyDelete

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