## Answers

**21)** Price elasticity of demand(PED) shows the responsiveness of quantity demanded to the price. If PED < 1, then the good have inelastic demand which means that even if the price rises by large, quantity demanded changes by small or if PED > 1, then the good is meant to have elastic demand which means when the price changes by small, quantity demanded changes by large. Manager can look at the elasticity of good and charge a high price and earns more revenue if the good have inelastic demand while they have to be competitive in the market as per their prices if the good have elastic demand. Consumers buy inelastic goods even in the case of no marketing of that product while elastic goods needs more marketing to attract customers.

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