NMIMS – Business Economics – Explain the concept of price elasticity with the reference to the above case. Kindly support your answer with the Diagrams where necessary. Q2. Explain

Explain the concept of price

Business Economics

 

Questions:

Q1. Explain the concept of price elasticity with the reference to the above case. Kindly support your answer with the Diagrams where necessary.

Q2. Explain the concept of Monopolistic Competition in the reference to the above case study.

Pedagogical Objectives:

a) To understand the concept of elasticity of demand and discuss various types of elasticity of demand

b) To understand the link between price elasticity of demand, revenue and business decision.

 

Explain the concept of price

 

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Explain the concept of price