1 define elasticity if you have a product, Cost Accounting

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1 define elasticity if you have a product

1) Define Elasticity. If you have a product where elasticity is less than one, what does that mean? Is it good, bad for the firm?

2) Why will firms not shut down as soon as the price of their product drops below the Marginal cost? At what point will most firms go out of business (shut-down) and why?

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Cost Accounting: 1 define elasticity if you have a product

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