Question

Nathan owns a quick-lube oil service station. He wants to understand whether his customers are sensitive to price and if he should raise or lower his price for some of his services. What should Nathan calculate to make his decision?

Answer 1

Answer: Elasticity

Step-by-step explanation:

According to the given question, Nathan is basically use the elasticity factor for the purpose of calculation that helps in making various types his decisions as elasticity is one of the main factor that helps in measuring the economical price change.

Elasticity is one of business degree in which we used to measure the good change in the services and the price of the products. The elasticity is one of the type of ability that helps in understating the change in the demand of the consumer.

Therefore, Elasticity us the correct answer.