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The arc elasticity concept is appropriate for measuring the responsiveness to larger changes in an independent variable, typically 5% or more, compared to the point elasticity concept which is used for smaller changes close to a point. Price is often the most important determinant of short-term changes in sales because customers and competitors respond quickly to price changes compared to other factors like quality, advertising or income. An estimated 80% increase in cigarette prices leading to a 30% reduct
- Author
- ankush birla
- Language
- EN