importance of considering elasticity in pricing decisions and the danger of relying solely on costs.

Using elasticity to determine the effects of price changes, and cost-based pricing. Discuss the importance of considering elasticity in pricing decisions and the danger of relying solely on costs. Journal – 200 words in lengthNo references or citations are necessary.Additional Details on the gradingResponse reflects indepth consideration and personalization of the theories, concepts, and/or strategies presented. Viewpoints and interpretations are insightful. Response demonstrates synthesis of ideas presented