In your responses, comment on at least two posts from your peers and share an example of a company that experienced a change in revenue as the result of a change in the price of the good or service they provided. After reading your peers' posts, explain which determinants of price elasticity of demand could be the cause of the change in demand. here is savannahs post "I wasn’t able to complete my simulation, but when looking at the supply and demand model, I would project that if I were able to keep my prices low enough so that my demand would be higher, I would be able to sell more and then make a higher profit than if I sold at a higher price and sold less product as a result. If I had my own business it would be necessary to pay attention to market needs and/or interest in my product. Considering that, along with my production cost, I would want my price to be such that more people were willing to buy my product than if I had priced them higher. If I have a widget that costs one dollar to make and I sell it for five dollars, I have only made a twelve-dollar profit if I sell three. If I drop my price to three dollars, my profit is only two dollars per widget, but I sell ten widgets at a lower price, which gives me a twenty-dollar profit. If there are many similar products in the market, even minor price increases can reduce sales because consumers will choose a similar substitute. For example, in athletic wear, there are many different brands that are similar in price and quality, so if a preferred brand were to suddenly increase in price, I would choose a different brand instead. The importance of product cost in one's budget means that increases that seem small for less expensive items are less likely to make a difference than the same increase for a higher-priced item. An example is the price of coffee. If a four-dollar cup of coffee increases by ten percent, I am still likely to get it. However, a ten percent increase in the cost of a car would make a much more significant difference. The period of time that an increase occurs. An example is interest rates. Interest rates on houses going from three percent to eight percent over two to three months are much harder to bear than the exact change in interest rates over a period of years. (My mom is in real estate so that is where that example comes from.) " respond following instructions in a business casual way​