Explain why price elasticity of demand is important for firms to consider when setting their prices to ensure that they maximize their profits.

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Explain why price elasticity of demand is important for firms to consider when setting their prices to ensure that they maximize their profits. (2.5 Marks, Maximum 150  words)

Inayah needs Rs.100, 000 to start an ice-cream business. If she uses Rs.40, 000 from her savings and another Rs.60, 000 borrows from the bank. The interest rate is 5% in the market. Find the opportunity cost that Inayah has to bear in order to start a business? 

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