In 4-6 sentences, discuss how understanding the concept of price elasticity of demand is useful for a business owner/firm operating in any market structure. Copying the definition or restating the...

In 4-6 sentences, discuss how understanding the concept of price elasticity of demand is useful for a business owner/firm operating in any market structure. Copying the definition or restating the definition of elasticity will result in loss of points. (What does price elasticity of demand tell the firm in terms? How can they use that information to their benefit? Discuss the types of elasticity?)