Price elasticity of demand Remember: The elasticity of a product, whether in the supply or demand sector,
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Question:
Price elasticity of demand
Remember: The elasticity of a product, whether in the supply or demand sector, is determined by how sensitive the product is to a change in price.
Choose a product from the market and answer the following:
Product: Cell phones (no brand) Cell phone in general.
- How, for the selected product, does the company manage to modify prices based on its different levels of elasticity through different moments or time of existence of the product?
- Be sure to include a description of the product you selected.
- Defines the concept of "price elasticity" of demand for the product.
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