Why is the concept of price elasticity of demand important to a business?

The concept
of price elasticity of demand or PED is very important for a business in pricing its products
appropriately to achieve the required sales revenue.

Price elasticity of
demand is the percentage change in the quantity demanded for a percentage change in the price of
the...

href="https://en.wikipedia.org/wiki/Price_elasticity_of_demand">https://en.wikipedia.org/wiki/Price_elasticity_of_demand