Illustrate what is fast food elasticity of demand

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Reference no: EM1363336

1. What is FastFood's elasticity of demand?

2. Is demand elastic, inelastic, or neither?

3. What does elastic, inelastic, or neither tell us about the elasticity of demand?

4. Why does this matter?

5. Have FastFood's profits increased or decreased as a result of the price cut?

6. By how much?

7. Was the price cut a success or failure?

8. What price should FastFood charge next month?

9. Why?

Reference no: EM1363336

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