Answer:
The elasticity is about 1.43, and an increase in the price will cause hotels' total revenue to decrease
Explanation:
The formula of the midpoint for the variation of the quantity is
and for the price is
. With the variation of the price and the quantity the elasticity formula is ΔQ/ΔP. Replacing the elasticity is -1.43
The price elasticity of the demand is bigger than 1, that means that the demand is elastic, every increase of the price will cause a bigger decrease of the quantity, the revenue will drop because the increase of the price do not compansete the decrease of the quantity.
Answer: Our group will suggest strategy of Contraction of product mix
<u>Explanation:</u>
Our group will suggest a contraction of the product mix strategy. As per this strategy, we can eliminate one or more product lines or product items from the product mix. This will contract our product mix. The products like medical uniforms and women jeans which are having no sale and are not profitable now can be eliminated.
A company can target the customer for those products which are still in the product mix.
Answer:
a. appreciation of the U.S. dollar and depreciation of the foreign currency.
Explanation:
When the supply of us dollars fall, demand for US dollars would be greeter than the supply, the value of the US dollar would rise.
I hope my answer helps you
If your job at the company is to improve existing products, you are probably using the development strategy.
<h3>What is the development strategy?</h3>
This is the term that is used to do with the actions that would involve the research and the identification of the strategic options in the business. It has to help in such a way that it would provide the resources that would help in the achievement of objectives.
Hence we can say that If your job at the company is to improve existing products, you are probably using the development strategy.
Read more on development strategy here: brainly.com/question/27801561
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