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(Solved): Discuss how a manager can use the concept of Price Elasticity of
Demand (P.E.D), Income Elasticity o ...
Discuss how a manager can use the concept of Price Elasticity of
Demand (P.E.D), Income Elasticity of Demand (Y.E.D) and Cross
Elasticity of Demand (C.E.D) to increase total revenue of his
business enterprise.
In a market, people's demand for a specific product is generally price-sensitive as the price increase; there will be a decrease in the quantity demanded. The percentage change in quantity demanded due to price change will explain the elasticity of d