Economics Price Elastic Products Are Essay

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Likewise at the upper end the potential demand will equal zero at a given price point, thus there is no point at which a sale of one unit at near-infinite product exists.

The equilibrium point will be different for each product, but will always be the point at which total dollar profit is maximized. A steep decline in price may mean a steep increase in sales, but the result may be lower profit than if the margin was higher and sales lower.

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Thus, the best point at which the retailer would want to own a business that sells price elastic products is when the price is at the point of equilibrium that enables the retailer to maximize profit.

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