There are many economic theories and practices that help business owners to decide which steps to take for their companies. Many of these will help individuals to know how to manage supply, demand and pricing questions. Unit elastic demand is one such theory.
What Is Unit Elastic Demand?
In economic terms, unit elastic demand refers to when demand affects the price of a product. This is seen when the price of something is reduced and it increases sales.
In business terms, unit elastic demand is used to help businesses know when to raise and lower the price of their products or services.
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