If the demand curve for my product is fairly inelastic, I would be less likely to increase prices.
What is inelastic demand?The elasticity of demand for a product measures how the quantity demanded of a good changes when there is a change in the price of the good.
When demand is fairly inelastic, it means that when price changes, there is little or no change in the quantity demanded. The coefficient of elasticity is usually less than one. Goods that have an inelastic demand are usually necessity goods.
When the price of a good that has an inelastic demand is increased, there would be little change in the quantity demanded. This would increase the revenue of the seller.
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In the case study "GEM of a Study"
1. How can you improve the causality of the study?
In order to improve the causality of a study, all variables should be taken into account.
What is causality?Causality is based on the assumption that the value of an interdependent variable is the cause of the value of a dependent variable.
To attain a reliable level of certainty of achievement, all variables must be considered. When one variable is deleted, the complete test is altered, and the dependability of the hypothesis is jeopardized.
According to the findings, an individual's entrepreneurial identity impacts whether they participate in primarily effective or causal action.
When the variables are taken into consideration, this is important for the study.
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