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What economical or marketing concept have u learned in this class that u would think be...

What economical or marketing concept have u learned in this class that u would think be beneficial for your future and why ? This is for marketing economic class I need 4 5 sentence to answer
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An important lesson in marketing or economics is that of the concept of elasticity and its use in revenue. Demand for a product is mostly elastic or inelastic. In these case when demand is elastic, prices should not be increased because they will lead to a reduction in revenue. In case demand is inelastic, prices should not be reduced because it will lead to a reduction in revenue. Hence an important lesson for price is to be higher for inelastic demand and lower for elastic demand, both of which will increase revenue and profit.

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