If a product has an inelastic demand, then we can expect total revenue to decrease) if price rises. (increase,

(Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more elastic over a shorter or a longer period of time?

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Show youir solution (Do not drop the sign of the Elasticity) 1.Assume that the Price Elasticity of Demand for a product is -.32. Currently, at the price of P 230.00, the demand is 2300 units. The seller is intending to increase the price by 4.5%, what will be the new demand for the product? Will the seller increase his price or not? 2.If the price of the product is reduced by 6.25% from P 39.50, what will be the new quantity demand if the original demand is 8000 units and the computed Price elasticity of Demand is -1.38? Should the price be reduced or not?

Question: Discuss the concept of elasticity of demand. How is it calculated, and why is it important for businesses?Please Dont use AI tool.

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