Elasticity of Demand Refers to Research Proposal

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Prices should be increased to the point on the demand curve where marginal profit is at its highest (AmosWEB, 2009).

Having an understanding of price or income elasticity of demand helps the firm to set its prices. It may also help to determine price floors as well. In addition, strategy and marketing can be affected as well. What was once a sale price could become a new selling point; what was once thought too high for our product positioning could actually be our ideal price point.

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Understanding how your customers react to the moves that you make is an essential component of business success. All private sector leaders should be focused on finding the point on the demand curve with the highest possible profit.

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