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Why is it important for a entrepreneur to know the elasticity of the demand curve within the market in which they operate? If the demand

Why is it important for a entrepreneur to know the elasticity of the demand curve within the market in which they operate?

If the demand is elastic and the firm wants to increase profit, should it increase or decrease the price? Why? Give an example of a product with elastic demand.

If the demand is inelastic and the firm wants to increase profit, should it increase or decrease the price? Why? Give an example of a product with inelastic demand.

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