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The concept of elasticity is important for consumers because it helps them:
- a)Predict future price changes.
- b)Maximize their utility.
- c)Understand producer behavior.
- d)Determine government policies.
Correct answer is option 'B'. Can you explain this answer?
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The concept of elasticity is important for consumers because it helps ...
The concept of elasticity is important for consumers because it helps them maximize their utility. By understanding the price elasticity of demand for different goods, consumers can make informed decisions about how to allocate their limited income to maximize their satisfaction or utility. Elasticity helps consumers understand how changes in price will affect their purchasing power and the relative importance of different goods in their consumption choices.
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The concept of elasticity is important for consumers because it helps them:a)Predict future price changes.b)Maximize their utility.c)Understand producer behavior.d)Determine government policies.Correct answer is option 'B'. Can you explain this answer?
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The concept of elasticity is important for consumers because it helps them:a)Predict future price changes.b)Maximize their utility.c)Understand producer behavior.d)Determine government policies.Correct answer is option 'B'. Can you explain this answer? for JAMB 2025 is part of JAMB preparation. The Question and answers have been prepared according to the JAMB exam syllabus. Information about The concept of elasticity is important for consumers because it helps them:a)Predict future price changes.b)Maximize their utility.c)Understand producer behavior.d)Determine government policies.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for JAMB 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The concept of elasticity is important for consumers because it helps them:a)Predict future price changes.b)Maximize their utility.c)Understand producer behavior.d)Determine government policies.Correct answer is option 'B'. Can you explain this answer?.
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