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Corey Brasseaux
on Nov 22, 2024

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A recreational watersports dealer reduced the price of its new jet skis by $1,000 in hopes of generating more sales. However, the lower price only resulted in a few more sales of the jet skis. This represents an elastic demand situation.

Elastic Demand

Demand for which a given percentage change in price results in an even larger percentage change in quantity demanded.

  • Investigate the significance of price elasticity of demand for pricing policy development.
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TJ
Tiffani JesselNov 27, 2024
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