Any market could benefit from the pricing approach known as price elasticity of demand, particularly if it can attract customers.
How a change in price impacts consumer demand is assessed using the price elasticity of demand.
A product is deemed inelastic if people continue to buy it in spite of a price increase (such as with cigarettes and fuel).
Contrarily, elastic goods are subject to price changes (such as cable TV and movie tickets).
The formula: % Change in Quantity % Change in Price = Price Elasticity of Demand can be used to determine price elasticity.
You can determine whether your product or service is responsive to price changes using the idea of price elasticity. Your product should ideally be inelastic, meaning that demand won't change even if prices do.
Learn more about price elasticity of demand here.
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Answer:
It allowed pre-emptive identification of problems to minimize the impact on customers.
Answer:
cost of goods available for sale= $4,060
Explanation:
Giving the following information:
Beginning inventory, January 1: 400 $3.00
Purchase, January 30: 300 3.40
Purchase, May 1: 460 4.00
<u>The cost of goods available for sale is the sum of the beginning inventory and the purchases of the period:</u>
<u></u>
cost of goods available for sale= beginning inventory + purchase
cost of goods available for sale= 400*3 + 300*3.4 + 460*4
cost of goods available for sale= $4,060
The best way to handle situations like this is to be able to come to him and start striking a conversation that will eventually lead to business talks and start talking to him about the business that you're currently in. This will develop your relationship and talking about your business would be something that he could get interested in if you strike him a better conversation,
