What it means to have inelastic response to price change

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Suppose that you are a manager in charge of setting prices for your company and you observe that your consumers respond to price changes inelastically. Define, using explicit terminology from class, what it means to have an inelastic response to a price change. If this is the case, how should you (the manager) change prices to make the company better off? Explain fully.

Reference no: EM131241159

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