Answered 5 years ago Author has 96K answers and 269M answer views. It brings new buyers into the market and it motivates current customers to buy even more.
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Additionally it will help businesses develop strategies.
Why is calculating elasticity important for businesses. Price elasticity is important to firms because it influences the price the firms will charge for their products or services. Generally lower price stimulates higher volume. Elasticity shows the relationship of volume sold to price.
It helps guide a company in setting prices.
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