<span>income tax reduction. hope it helps</span>
Henry should concentrate on<u> Promotion </u>to distinguish his retail store.
<u>Explanation:</u>
In the Marketing mix, there are seven P's which are very important. For business to be successful, the retailer should concentrate and evaluate the formula of these seven P's. There are price, promotion, product, people, positioning, packaging and place.
Since the place, product, price of Henry is also the same like that of the other retailers who are in the same market, he should concentrate and focus on the promotion of the product so that he distinguishes from the other retailers in the market. He should let maximum people know about his shop and should try some other ways also to promote his shop.
Answer:
A. Elasticity measure the change in quantity demanded that comes with a change in price. The elasticity formula is;
Elasticity = %change in quantity demanded / % change in price
0.4 = 20% / %change in price
%Change in price = 20%/0.4
= 0.5
= Increase price by 50%
= 50% * 5 = $2.50
<em>Government should increase the price by $2.50 to make it $7.50. </em>
B. Effect is larger 5 years from now
Effect will be larger 5 years from now than 1 year from now. This is because in 5 years the high prices would have forced smokers to look for more alternatives to smoking than in a year.
C. Teenagers have less income.
Teenagers likely have a higher price elasticity because they do not have the income to support an increase in the price of cigarettes so when the prices increase, they buy less than adults who are more likely to have an income stream.
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