Explain how an understanding of elasticity of demand might help the marketing manager of a hotel chain to make decisions

Answer 1

To begin with, you define what is elasticity of demand, It is a basic economics concept that helps firms to run their business and achieve their goals, You should be able to explain why this is explicitly important and its economic advantage,

I think it helps firms to forecast prices of their products/services and how to respond to changes in demand and prices using the principles of supply and demand,