Sudden demand surges or supply chains snarls will drive prices up quickly. Businesses face two issues when this happens, First, when a price rises sharply, how long will it take for increased supply ...

In economics, price elasticity is a measure of how reactive the marketplace is to a change in price for a given product.

Answer: Price elasticity in marketing is calculated as the absolute value of the ratio of the percentage quantity change and the associated percentage price change. So, to calculate the price ...