Elasticity
Lots of math ☹
change in quantities sold compared to the change in price
in order to calc elasticity you need to know the supply and demand
inelastic - where you raise price and lose very little sales
patent - temporary monopoly
Lots of math ☹
change in quantities sold compared to the change in price
in order to calc elasticity you need to know the supply and demand
inelastic - where you raise price and lose very little sales
patent - temporary monopoly