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Explain the three training guidelines that a small business owner should follow.
Price Elasticity
A measure of the responsiveness of demand or supply to changes in price, often used to predict the effect of pricing decisions.
Unit Elastic
A situation in economic demand or supply where a change in price leads to an equal proportional change in the quantity demanded or supplied.
Price Elasticity
A metric that shows the responsiveness of the quantity of a product demanded when its price changes.
Quantity Demanded
The amount of a good or service that consumers are willing and able to purchase at a given price.
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