Apply various elasticities of demand as a quantitative tool to forecast changes in revenues, prices, and/or units sold.
X > 1 elastic X < 1 inelastic X = 1 unitary elastic
When the value of elasticity is greater than 1, it suggests that the demand for the good or service is affected by the price. A value that is less than 1 suggests that the demand is insensitive to price.
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