Explain the concepts of elastic and inelastic demand. Why should managers understand these concepts?

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Marketing

ISBN: 978-1111821647

12th edition

Authors: Charles W. Lamb, Joe F. Hair, Carl McDaniel

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Question Posted: Dec 17, 2015 06:53 AM

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Explain the concepts of elastic and inelastic demand. Why should managers understand these concepts?

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Elasticity of demand refers to consumers responsiveness or sensitivity to changes ...View the full answer

Marketing

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