"The higher the elasticity of demand of a product the more careful should be the sellers of the product to price changes." Is there any validity to this assertion?
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Type: Posts; User: nikeair44
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Apr 27, 2010, 06:40 PM
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higher elasticity of demand of product=more careful of product price change?
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Apr 27, 2010, 06:34 PM
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The firm maximizes profit when marginal revenue equals marginal cost.
Is there any logic to this assertion?
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