What’s so Stretchy about Price Elasticity?


Price elasticity means how elastic is the price of your product to the demand of it, a product with good price elasticity means that the price can be increased and decreased vastly and still have a profitable demand for it and a product with bad price elasticity means if the price in increased or decreased even a little the demand will drop straight down or shoot up.

That’s basically everything you need to know about price elasticity that does not involve maths and complicated formulas and if you still don’t understand the image will explain everything

Refrences: The image above

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