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suppose that you have applied for a job vacancy for a biggest poultry farm .The interview...

suppose that you have applied for a job vacancy for a biggest poultry farm .The interview panel asked you to explain the relevance of the price elasticity of demand for the firm .how would you answer the question?

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Answer #1

Answer: Relevance of price elasticity of demand for a poultry farm can be explained as per below.

To increase in quantity demanded for the chicken and eggs, if price is decreased then demand will increase accordingly since there is an inverse relationship between price and quantity demanded.

Degree of price elasticity of demand can be explained basis seasons, i.e. in winter season, for example if price is decreased by 5% then demand for chickens and eggs will increase by 10%, it means percentage change in quantity demanded is more than percentage change in price and this also shows an inverse relationship between price and quantity demanded.

It is to be noted that demand for chicken and eggs gets increased in winter season and by applying formula of price elasticity of demand the poultry firm can increase its sales/revenue and profits.

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