Decision support systems are systems that integrate customer relationship management with supply chain management.
Explain about the Decision support systems?An organization or business employs a decision support system (DSS), which is computer software, to support decisions, judgments, and courses of action. Massive amounts of data are sorted and examined by a DSS, which builds up in-depth knowledge that may be used for problem-solving and decision-making.
Better judgments can be made, problems can be solved quicker, and operations, planning, and even management are handled more successfully with the usage of decision support systems.
Decision support systems (DSS) are interactive software-based tools that provide managers with access to vast amounts of data produced by numerous connected information systems used in organizational business processes, including transaction processing systems, office automation systems, and other systems.
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calculate the value of a share of supernormal corp. stock using a required return of 10%/yr. the stock is expected to pay a dividend of $1.20 one year from now. dividends are then expected to grow by 15%/yr. for two years. the growth rate is expected to drop to 12%/yr. for the next three years. after that, the growth is expected to be stable at 3%/yr. forever. to save us some time, here are calculations of some dividends:
The value of a share of a supernormal corporation will be $45 for the next three years.
What is the value of a share?The stock price is the price of one share out of the number of shares available for sale in the company. Simply put, the stock price is the maximum amount someone is willing to pay for that stock or the minimum amount someone can buy.A stock price (or stock price) is the amount of money it costs to buy stock in a company. Stock prices are not fixed and fluctuate based on market conditions. It can go up if the company is seen as good and go down if the company is not performing as expected.The amount of money it takes to buy stock in a company. Stock prices are not fixed and fluctuate based on market conditions.Stocks are traded on exchanges and their share prices are determined by market supply and demand. If demand for his stock is high, the price will go up. If the company's future growth potential is questionable, the seller of the stock can lower the price.to know more about share value refer
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most companies are started by individuals who live by their wits. they visualize an opportunity, take risks, and knock on every door to gain attention. which of the following stages in marketing strategy is being illustrated here?
Entrepreneurial marketing is the stage of marketing strategy that represents this "most companies are started by individuals who live by their wits which also visualize an opportunity, take risks, and knock on every door to gain attention".
It is a spirit, an orientation, as well as a process of pursuing opportunities and launching and growing ventures that create perceived customer value through relationships, especially by employing innovativeness, creativity, selling, market immersion, networking or flexibility.
Why are we categorizing the illustration above as entrepreneurial marketing?
As we can see from the question given,
"most companies are started by individuals who live by their wits. They visualize an opportunity, take risks, and knock on every door to gain attention"
Most companies will start by individuals : (which categorized as entrepreneurial spirit)
Also, they have to do by themselves especially on knocking door to gain attention because they want to save their capital. Sometimes, they don't even have the capital yet, that's why they want to take risks and visualize an opportunity to gain audience and investor into their businesses.
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the government banking regulation that places an upper limit on the money supply is a. deposit insurance by the fdic. b. reserve requirements on bank deposits. c. periodic bank examinations and audits. d. limitations on the types of assets that a bank may own.
B) Reserve requirements on bank deposits are a government financial regulation that sets a ceiling on the amount of money in circulation.
How does financial regulation work?Maintaining the integrity of the financial system is one of the fundamental goals of creating financial laws. When a bank fails, it cannot fulfill its obligations to depositors or other creditors, which may have negative effects on the economy as a whole.
Financial regulations enforce pertinent laws, prosecute incidents of market misconduct, license financial service providers, safeguard clients, and look into complaints in order to maintain public confidence in the financial system.
We all rely on the financial system in some manner, whether it's for accessing savings and credit, financing purchases like homes or insurance, or receiving compensation when something goes wrong.
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once a company has decided to enter the global marketplace, it must select a means of market entry. one of the four general options is multiple choice cooperative. direct investment. accreditation. internationalization. countertrading.
Once a company has decided to enter the global marketplace, it must select a internationalization of market entry.
The term "internationalization" refers to the process of creating products that can easily be modified to meet the needs of customers from various countries. Designing a website for internationalization may entail making sure the aesthetically pleasing layout still functions when it is translated from English to Spanish. It could be challenging to accomplish this because many Spanish words have more characters than their English equivalents. As a result, they might occupy more room on the page in Spanish than in English.
The term "internationalization" can be used in the context of economics to describe a company that expands into foreign markets in an effort to increase its presence or gain a larger market share. A state of globalization, in which economies all over the world become highly interconnected due to cross-border trade and finance, has been ushered in as a result of the global corporate trend toward internationalization. As a result, they are significantly influenced by each other's national activities and economic health.
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what describes why the national income tax created by the sixteenth amendment is related to the progressive movement?
The majority of progressive initiatives were programs that demanded significant financial resources. The growing list of Progressive projects was partially financed by the introduction of the income tax.
How does income tax work?
Income tax is a sort of tax that the federal government levies on the money that people and businesses make during a fiscal year. Most states have an income tax that increases over time. Consequently, the majority of states have a graduated income tax. The growing list of Progressive projects was partially financed by the introduction of the income tax.
Income taxes are the beginning of profit for governments. They are used to fund public duties, pay management responsibilities, and support merchandise for settlers. In addition to the general administration, many states and local jurisdictions still demand that wage tax due.
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since yield curves are based on a real risk-free rate plus the expected rate of inflation, at any given time there can be only one yield curve, and it applies to both corporate and treasury securities.
Risk-free rate: the yield on a short-term treasury security.
The yield curveInflation expectation: the difference between the yield on a long-term treasury security and the risk-free rate.
When the yield curve is flat or inverted, this means that the market anticipates higher inflation in the future, and is therefore willing to accept lower bond yields in exchange for protection against rising prices.
The yield curve can also be used to predict future interest rates. If the yield curve is upward-sloping, this means that the market anticipates higher interest rates in the future, and is therefore willing to accept lower bond yields today. Conversely, if the yield curve is downward-sloping, this means that the market anticipates lower interest rates in the future, and is therefore willing to accept higher bond yields today.
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which of the following can provide section 403(b) plans (tsas) for their employees? i. chambers of commerce. ii. public schools. iii. public universities. iv. humane societies.
ii. public schools can provide section 403(b) plans (tsars) for their employees.
Which of the following describe a simple IRA's benefits?
SIMPLE IRA Benefits
comparatively simple to set up and use. A SIMPLE IRA is reasonably simple to set up and manage for employers. Offering retirement benefits to small businesses is made simpler by the fact that the reporting requirements and other criteria are less onerous than with a 401(k). deductible contributions.
A SIMPLE IRA plan can be established in three steps.
Sign a contract in writing stipulating that all qualified employees will receive benefits.Provide specific details regarding the agreement to the staff.Create IRA accounts for every worker.To know more about SIMPLE IRA, refer:
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the set of business activities that adds value to products and services sold to consumers for their personal or family use is referred to as
The set of enterprise sports that provides fee to services and products bought to clients for his or her non-public or own circle of relatives use is mentioned as retailing.
The required details for retailing in given paragraph
Retail is the sale of items and offerings to clients, in evaluation to wholesaling, that is sale to enterprise or institutional customers. A retailer purchases items in big portions from manufacturers, without delay or thru a wholesaler, after which sells in smaller portions to clients for a profit. Retailers are the very last hyperlink in the deliver chain from manufacturers to clients. Retail markets and stores have a completely historic history, relationship again to antiquity. Some of the earliest shops had been itinerant peddlers. Over the centuries, retail stores had been converted from little greater than "impolite booths" to the state-of-the-art buying department shops of the current era. In the virtual age, increasingly shops are looking for to attain broader markets with the aid of using promoting thru a couple of channels, such as both bricks and mortar and on line retailing. Digital technology also are affecting the manner that clients pay for items and offerings. Retailing guide offerings may encompass the supply of credit, shipping offerings, advisory offerings, stylist offerings and quite a number different helping offerings.
Most current shops generally make a selection of strategic level selections such as the sort of store, the marketplace to be served, the optimal product assortment, consumer service, helping offerings, and the store's standard marketplace positioning.
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Which of the following is an example of a situation that would NOT be protected by the fair use exemption to copyright laws? A. A reporter using short excerpts from a book in a review article B. A sports fan recording a basketball game on DVR to watch later C. A rock band performing a cover of another artist's sons at a concert D. A non profit group using part of a Disney commercial in a video about media conglomeration
The example of a situation that would NOT be protected by the fair use exemption to copyright laws is C. A rock band performing a cover of another artist's sons at a concert .
What is copyright laws ?Copyright laws can be described as the law that is been set up by the government to protect the intellectual property of the people so that it will not be stolen by someone else.
It should be noted that in the third option that is been given we can see that since the artist is performing the cover of someone else music, the law do not protect him because he is not the owner of the song.
Therefore, option C is correct.
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if beginning work in process inventory for conversion was 25% complete and these units were fully completed during the current period, what additional percentage was applied to these units during the current period?
Additional percentage was applied to these units during the current period 75% .
The term "current period" refers to the fiscal year during which a budget is created and approved. The fiscal year of the Relevant Company that overlaps with or ends during the fiscal year of the Company to which the relevant Performance Goal applies is referred to as the Current Period.
The most recent period for which an index has been or is being computed should, in theory, be referred to as the "current" period. The phrase is commonly used to refer to any time period that is contrasted with either the budget reference period or the index reference period, though. Additionally, it is frequently used to refer to the latter of the two time periods under comparison. Depending on the situation, the actual meaning varies.
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6) the misperceptions theory of the short-run aggregate supply curve says that if the price level is higher than people expected, then some firms believe that the relative price of what they produce has
As per misperceptions theory of the short-run aggregate supply curve, when price level is higher, some firm believe tha the relative price of what they produce has increased, so they increase production.
The whole supply of items and services produced inside an economy at a specific overall price over a specific time period is known as aggregate supply, sometimes known as total production. The connection among market prices and the amount of output that businesses are capable of producing is depicted by that of the aggregate supply curve. Usually, the level of prices and total supply have a positive connection. Short-run rises in demand (and pricing) cause aggregate supply to employ a greater number of present inputs used in the manufacturing process. A corporation cannot, for example, build a new facility or implement a new technology to improve efficiency in the short run to medium term because the level of capital is set.
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from her experience managing a team of researchers, dr. martin understands that teams work best when each member has specific responsibilities and is held individually accountable for their assignments within the larger goals of the team. dr. martin uses this approach to minimize the risk of:
Dr. Martin uses this approach to minimize risk of socioemotional development.
What is socioemotional development?An area of child development known as social and emotional development. The ability for youngsters to comprehend, experience, express, and manage emotions as well as form deep connections with others is acquired through a progressive, integrative process. As a result, social emotional development involves a wide range of abilities and concepts, including but not limited to: self-awareness, shared attention, play, theory of mind (or understanding others' viewpoints), self-esteem, emotion management, friendships, and identity development. Children can engage in other developmental activities when they have a strong social and emotional basis. An elementary school student could, for instance, need to learn how to control their frustration and ask a peer for assistance in order to finish a challenging work.
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suppose that congress passed a $15 minimum wage law. given the current market wages from the table above, in which city(ies) would the new minimum wage not lead to a surplus of labor?
The city in which the new minimum wage will not lead to a surplus of labor is Harrisonburg and Lebanon.
(Workers will be better off in these two metropolis relative to Seattle because their living stipend is considerably lesser than Seattle.)
Minimum wages :A minimum wage is the smallest compensation that employers can fairly pay their workers — the price bottom below which workers may not vend their labor. maximum countries had presented minimum wage legislation by the termination of the 20th century.
Surplus labor :Surplus labour is a stereotype used by Karl Marx in his criticism of political frugality. It means labour accomplished in excess of the labour mandatory to produce the means of livelihood of the worker. The" surplus" in this medium means the added labour a worker has to do in their job, beyond earning their maintenance.
Surplus labor is a conception developed by Karl Marx in the nineteenth century to describe the product of surplus value and profit. It refers to the labor that produces a value beyond that which is demanded for the existence of the employee or workers who perform it.
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a company has budgeted overhead of $8,750 and standard overhead applied of $9,250. the volume variance is:
The volume variance is $500 F.
Considering the values given in the question,
Standard overhead = $9250
Budgeted overhead = $8750
Volume variance = Standard overhead value - Budgeted overhead value
= $9250 - $8750
= $500
Therefore, $500 F is the volume variance.
An assessment technique called volume variance looks for differences between actual consumption or sales and anticipated volumes. In order to express the difference in money terms, it is typical to multiply the difference between the two by the average price per unit. If the actual number of units used is less than the usual number of units needed as raw materials, the volume variance is deemed positive. On the other hand, it is seen as negative or unfavorable if the actual number of units eaten exceeds the expected number of units.
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what might a concept include along with a brief written description of the product? (choose every correct answer.)
Customers needs it satisfies and visual images might a concept include along with a brief written description of the product.
A product is an object, or machine, or service made available for client use as of the patron call for; it's miles anything that can be provided to a marketplace to meet the preference or want of a patron.
Editions or byproduct. plural with the aid of-merchandise or byproducts. : some thing produced in a generally commercial or biological system similarly to the major product. Sulfured molasses is a by-product of sugar refining.
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at the beginning of 2024, terra lumber company purchased a timber tract from boise cantor for $3,160,000. after the timber is cleared, the land will have a residual value of $780,000. roads to enable logging operations were constructed and completed on march 30, 2024. the cost of the roads, which have no residual value and no alternative use after the tract is cleared, was $238,000. during 2024, terra logged 680,000 of the estimated 6.8 million board feet of timber. required: calculate the 2024 depletion of the timber tract and depreciation of the logging roads, assuming the units-of-production method is used for both assets.
The depreciation rate for the timber tracts is $228000 and $22800 for the logging roads.
What is depreciation?Depreciation is accounting term for the process of reducing the value of an asset over the course of its useful life. A measure of how much an asset has been used is depreciation. It helps organizations to make money from the assets they already own by paying for them over a predetermined period of time. Because firms are not obligated to fully account for them in the year the assets are purchased, the immediate cost of ownership is significantly lowered. If depreciation is not taken into the account, a company's profitability may suffer very dramatically. Businesses may depreciate long-term assets for tax and accounting purposes. Amortization, which is similar to depreciation, accounts for the variation in intangible assets' value over time.
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How much time do many project managers recommend be allocated for training staff to facilitate a successful enterprise system implementation?.
Many project managers advise allocating 30 to 60 days per person for staff training in order to assist in a successful enterprise system adoption.
Project managers: who are they?A project manager is a specialist who plans, organizes, and manages projects while following limitations like budgets and deadlines. Project managers coordinate the efforts of numerous teams, decide on the project's goals, consult with key players, and see the project through to completion.
Whether they are in charge of a marketing campaign, a building project, a computer system development, or the launch of a new product, the project manager is responsible for the accomplishment or failure of the project.
The median annual wage for project managers in the United States, across all industries, is $115,000, according to the Project Management Institute (PMI). The average project manager makes between $93,000 and $140,000 annually, with the highest salaries coming from the consulting, resources, aerospace, pharmaceutical, and food and beverage industries.
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which of the following is the cost of quality classification for costs such as scrap, rework, or repair?
The quality costs classification for costs such as scrap, rework, or repair are internal failure costs.
What are quality costs?Quality costs, often known as the cost of quality, are a way to assess the overall cost of quality-related efforts and shortcomings in process improvement projects. Armand V. Feigenbaum initially wrote about it in a 1956 article for the Harvard Business Review. Prior to its debut, the prevailing belief was that obtaining higher quality meant paying more money, either via the purchase of better tools or equipment or through the hire of more workers. Furthermore, despite the fact that cost accounting had developed to classify financial transactions into revenues, expenses, and changes in shareholder equity, it had not made an effort to classify costs related to quality, which is particularly crucial given that the majority of those involved in manufacturing never touch the final product. Management and quality professionals can assess investments by categorizing quality-related entries from a business's general ledger.
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A team member who possesses which of these strengths is most likely a caretaker?
A team member who possesses which of these strengths is most likely a caretaker A. Can feel what others in the group are thinking and feeling.
Who is a caretaker?
Caretakers are people who have a propensity to genuinely care about the difficulties that others face. A caretaker does not only consider what is best for themselves. Instead, he makes sure that consideration is given to others and their needs in all project decisions. A fundamental characteristic of a caregiver is their empathy for others.
Such people make sure that other people's feelings and views are taken into account in addition to their own. A caretaker tends to make people feel at ease because they value their opinions highly.
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because monopolistically competitive firms produce differentiated products, each firm question 24 options: faces a demand curve that is horizontal. faces a demand curve that is vertical. has no control over product price. has some control over product price.
Because monopolistically competitive firms produce differentiated products, each firm has some control over product price.
What is Monopoly ?According to Irving Fisher, a monopoly is a market where there is "no competition," which results in a situation where one person or business is the only supplier of a specific good or service.This contrasts with oligopoly and duopoly, in which a small number of vendors control a market, and monopsony, which refers to a single entity's dominance of a market to purchase an item or service.Monopolies are thus defined by a lack of viable substitute products, a lack of economic competition to produce the good or service, and the potential for a high monopoly price that is substantially beyond the seller's marginal cost and generates a high monopoly profit.To learn more about Monopoly refer :
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How big are Cyber Monday sales?
Cyber Monday sales reached $10.8 billion, making it the biggest ecommerce selling day of all time in 2020.
Cyber Monday is a marketing term for e-commerce transactions on the Monday in the United States. It was created by retailers to encourage people to shop online and increase sales.
To promote new and updated product to increase sales like Video games are another product shoppers look for on Cyber Monday, in part because they make great holiday gifts. Cyber Monday sales is now biggest for e-commerce and online retailer offer discounts and deals.
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in january, miad corp. sells a gift card for $500 and receives cash. in february, the customer comes back and spends $200 of the gift card to purchase team apparel. what would be the appropriate journal entry by miad to account for the customer's purchase of the apparel in february?
Debit earned income: $20, or $20 in credit sales revenue.
According to GAAP, when a gift card is sold, the entry to pass in the books of accounts is not a sale entry; rather, the business should debit a cash account and credit a liability account under a different name, such as gift card outstanding or deferred revenue.
Also, whether the customer uses the entire gift card or just a portion of it, the amount should be recorded as sales revenue for the period in question. This is done in accordance with the accrual concept, a fundamental accounting principle.
Entries:1) When a gift card is sold, DR CR Cash / Bank receives $50 in deferred revenue. 2) When a customer uses the gift card, deferred revenue equals $20 in sales revenue.
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mr. o'hurley wants to sell his house. the state he lives in charges a 3.9% sales tax on the sale of a house. the county charges a 3.3% sales tax, and the city charges a 1.9% sales tax. if mr. o'hurley sells his home for $311,000, what is his total tax bill?
The total tax bill of Mr. O'Hurley while selling his house will be equal to $28301.
A certain amount of tax is to be paid to the government by the consumer whenever any purchase is made or when any consumer sells his/her products. These taxes are of different types and these taxes are used by the government and work as government revenue. Mr. O'Hurley has to give 3.9% sales tax, 3.3% county charge and 1.9% city tax. The formula for calculating total tax bill will be expressed as
Total tax bill = Selling price × (Sales tax + County tax + City tax)
Total tax bill = $311000 × (3.9% + 3.3% + 1.9%)
Total tax bill = $311000 × (9.1%)
Total tax bill = $311000 × 0.091
Total tax bill = $28301
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If the demand for reserves is expected to decrease temporarily, the manager of the trading desk at the new york fed bank will likely conduct ________ open market operations to ________ reserves.
When the Federal Reserve decreases the reserve ratio, it lowers the amount of money that banks are required to hold in reserves, allowing them to make extra loans to customers and businesses. This increases the nation's money provide and expands the economy.
When the Fed will increase reserve necessities it reduces the cash grant with the aid of causing?When the Fed increases reserve requirements, it reduces the money provide by causing: the cash multiplier to fall. When the zero-lower-bound problem occurs, central banks can rely on: the liquidity provision
When the Fed conducts open market sales?One device of the Fed in the open market operation the place the sale and purchase of the authorities bonds and securities take region to either amplify or decrease the cash supply. The Fed undertakes open-market income where it sells authorities bonds and securities to limit the cash furnish in the economy.
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https://brainly.com/question/25843620#SPJ4on february 22, brett corporation acquired 290 shares of its $5 par value common stock for $23 each. on march 15, the company resold 64 shares for $28 each. what is true of the entry for reselling the shares?
According to the given information, The true of the entry for reselling the shares is Credit additional paid in capital is $320.
On re-issue of treasury stock,
Cash will be debited by ⇒ 64 × 28 = $1,000
Treasury stock will be credited by ⇒ 64 × 23 = $1,472
Additional paid in capital will be credited by ⇒ 64 × (28 - 23) = $320
The distinction between a stock's par value and its actual purchase price is known as additional paid-in capital, or APIC.The investor's purchase of the stock from the business during the IPO is what qualifies as the "additional" portion of paid-in capital.The APIC is typically recorded on the balance sheet as shareholders' equity.An excellent way for businesses to make money without having to provide any security is through APIC.A company has the right to set any price for its stock during its IPO that it sees fit. Investors may choose to pay any amount over the declared par value of a share, which results in the APIC.Learn more about Additional paid in capital, here
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the owner of the business where you work has asked for your advice on restructuring the organization. you know that customer service is the cornerstone of the company. what do you recommend? check all that apply. with a tall structure, supervisors can avoid hearing about customer complaints. a flatter structure will further centralize decision making. a taller structure will improve the speed at which decisions are implemented. flatter structures are appropriate for organizations which empower employees to solve customer problems.
The best advice for restructuring the organization will be flatter structures are appropriate for organizations that empower employees to solve customer problems.
What is an organization?A group of people working together in an organized way for a common purposeAn organization is an official group of people such as a political party, company, charity, or association. Most of these technical schools are provided by volunteer organizations. An organizational type is a system that describes how activities are carried out within an organization to achieve business goals. These activities include company policies and the specific roles and responsibilities of each employee.People are the most important part of an organization. Giving them the right tools to succeed is paramount. But it's also business. Having a solution that can meet the needs of your employees and your company at the same time aligns your employees' goals and leads to happier, more effective work.Common goals, coordinated efforts, division of labor, and the hierarchy of authority. Each of the four elements represents a significant part of the effective structure.learn more about the organization refer to
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which of the following types of investments would be most appropriate during periods of deflation? treasury bills long-term bonds initial public offerings of common stocks tangible assets a) iii and iv b) i and ii c) ii and iii d) i, ii, and iii
Option B is the right choice.
Treasury bills and long-term bonds are the investments that would be most suitable during times of deflation.
When an economy is in a deflationary phase, it is because it is going through a contractionary phase. During this phase, there will be less demand for products and services, which will result in reduced prices for the majority of goods. Deflation has made investors unwilling to increase their spending.
Treasury bills and long-term bonds must be purchased during the deflationary period because they give more predictable returns.
Treasury notes are regarded as a risk-free investment, therefore investors will buy them when the stakes are high.
The additional certainty of getting interested at regular periods makes investing in long-term bonds preferable.
Stock investments are not recommended due to the low returns during this time. Investment in tangible goods will also not be favored because it will require a sizable sum of money and will not increase in value.
Option(B) I and II is the appropriate response.
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After you practice your presentation for a coworker, they tell you that while the information and slides are good, your delivery isn’t very interesting. What are three ways you could use vocal variety to be more engaging?
A variety of components must be combined to create an effective presentation. You must be aware of your audience's preferences. You must create quality, captivating material.
What is the presentation?When students come up with inventive and fascinating slides to illustrate their talks, presentation skills aid produce innovative ideas. The production of presenting aids can boost students' confidence while also making talks considerably more fascinating.
The skills necessary to deliver interesting, informative, transforming, educational, enlightening, and/or instructive presentations are called presentation skills. Public speaking, tone of voice, body language, creativity, and delivery are essential components of excellent presentation abilities.
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the people in an economy have $10 million in money. there is only one bank that all the people deposit their money in and it holds 5% of the deposits as reserves. what is the money multiplier in this economy? group of answer choices 1 20 10 5
The money multiplier in this economy is 20.
What is money multiplier?A money multiplier is one of several closely related ratios of commercial bank money to central bank money in monetary economics when applied to fractional reserve banking systems. Given a specific amount of central bank money, it has to do with the maximum amount of commercial bank money that can be produced. The total quantity of loans that commercial banks are permitted to extend is equal to a multiple of the amount of reserves in a fractional reserve banking system with legal reserve requirements. This multiplier, which is also known as an economic multiplier, is equal to the reserve ratio divided by one. The actual ratio of money to central bank money, also known as the money multiplier, is decreased by the non-bank public's retention of some funds as currency.
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the price elasticity of demand measures how: question 1 options: a) responsive the price change is in relation to an income change. b) responsive the quantity demanded change is in relation to the price change. c) much the equilibrium price goes up. d) much the price goes down.
The arc price elasticity of demand measures the responsiveness of quantity demanded to a price. It takes the elasticity of demand at a particular point on the demand curve, or between two points on the curve.
What Is Elasticity? Elasticity measures how sensitive one variable is to changes in another variable, most frequently the change in amount demanded in relation to changes in other factors, such price.Price elasticity in business and economics refers to how much people, consumers, or producers alter their demand or the quantity supplied in reaction to changes in price or income. It is primarily used to evaluate how consumer demand has changed as a result of a price change for a good or service.It is said to be "completely" inelastic if elasticity = 0, in which case its demand will not alter regardless of price. Probably no fully inelastic products exist in the actual world. If there were, producers and suppliers would be free to set their own prices, and consumers would still be required to purchase them. Air and water, which no one has any control over, are the only things that come close to being perfectly inelastic goods.Hence, The arc price elasticity of demand measures the responsiveness of quantity demanded to a price.
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