How do I use elasticity in a pricing question?
Connect it to revenue. Where demand is inelastic, raising price raises revenue; where elastic, it lowers it. The assignment usually wants that link made explicitly, plus a note on what makes demand elastic for this particular product.
This comes up on Business Economics Coursework, where it is answered in the context of the work itself.
Not what you asked?
Ask us the actual question
Send the draft, the rubric or the score report with it. You get a real answer and a price before you commit to anything.