Partly this statement is true however this does not implies to all.
In a big company, it;s really the top managers who do all the planning and decision making for the good of the company and then cascade it to the lower level for implementations
Increase the quantity demanded by about 25 percent.
<h3>What is the short definition of price elasticity?</h3>
- Price elasticity in business and economics refers to how much people, consumers, or producers alter their demand or the quantity supplied in reaction to changes in price or income.
- It is mostly used to evaluate how consumer demand has changed as a result of a price change for a good or service.
<h3>What are some examples of price elasticity of demand?</h3>
- When a price increase results in a greater percentage reduction in demand, we say a good is price elastic.
- For instance, if price increases 20% and demand declines 50%, the PED equals -2.5. One illustration is Heinz soup. Heinz soup options are plenty today.
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Answer:
Kindly check explanation
Explanation:
Given the data:
140 82 265 168 90 114 172 230 142 86 125 235 212 171 149 156 162 118 139 149 132 105 162 126 216 195 127 161 135 172 220 229 129 87 128 126
175 127 149 126 121 118 172 126
70 - 104
105 - 139
140 - 174
175 - 209
210 - 244
245 - 279
B.) Using a class interval of 30; with lower limit of 80;
Class interval ___frequency __R/frequency
80 - 110 ________ 5 ________ 11.4
111 - 141 ________ 17 ________38.6
142 - 172 _______13 ________29.5
173 - 203 ______ 2 _________0.05
204 - 234 ______5 _________11.4
235 - 265 ______2 _________0.05
From the frequency table above, we can observe that the initial amount a beginner expends on supplies is largely between $111 to $172 ; with 38.6% of the collected samples spending between $111 and $141 and 29.5% spending between $142 and $172.
Answer:
a. $700,000
86%
c. No
Explanation:
a. Jacobs will earn $700,000 per year. This equals the normal salary for a designer, $100,000, plus the economic rent he collects for his special talent, $600,000.
6/7 or 0.857 or 86% of his salary is thus economic rent. This is found by 600,000/700,000
b. The answer is No. If Jacobs’s employer withholds some of the additional revenue it takes in as a result of hiring him, some other advertising company will offer him a higher salary and still manage to earn an economic profit. Bidding for Jacobs will continue until firms are indifferent between paying him $600,000 and hiring any other designer for $100,000.
Answer:
A. the product life cycle is not a useful concept. it is often impossible to identify with precision where a product is in the product life cycle.
Explanation:
The product life cycle is broken into four stages: introduction, growth, maturity, and decline. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging
