Question 4.
4. Explain the concepts of elastic and inelastic demand. Why should managers understand these concepts? (Points : 5) 100 word test question that i have 1/2 hour to answer
Running head: INELASTIC AND ELASTIC DEMAND Inelastic and Elastic DemandNameInstitution 1 INELASTIC AND ELASTIC DEMAND 2 Inelastic and Elastic DemandIn economics, the term elastic demands…