What is price sensitivity?
An example of an AI chatbot conversation about price sensitivity in economics.
Can you explain what price sensitivity means?
Price sensitivity refers to how the demand for a product changes in response to price changes.
Why is it important for businesses to understand price sensitivity?
Understanding price sensitivity helps businesses set optimal prices and forecast sales more accurately.
Can you give me an example of price sensitivity in action?
Sure! If a coffee shop raises its prices, customers may buy less coffee or switch to a cheaper option.
How can companies measure price sensitivity?
Companies can use surveys, historical sales data, and A/B testing to measure how demand changes with price.
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