Price elasticity basically tells people whether the population is willing to buy your product even when you change the prices. A much formal definition is as follows: It is defined as responsiveness of a good/service to a change in its price and is calculated by Elasticity= % Change in Quantity Demand(Sales) / % Change in Price So … Continue reading Understanding Price Elasticity
Hello Everyone ! You know sometimes, you read a thing and you feel that you already knew this just not by its proper name. I’ll tell you just another of those things which you already know about. Let me ask you a question. How do you buy a product say for example a Mobile phone? … Continue reading Why does a consumer choose what he chooses?