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Alinara [238K]
3 years ago
13

According to one study, the price elasticity of demand for restaurant meals is 2.27. This implies that if restaurants want to in

crease their total revenues they should_______________.
a. decrease price.
b. leave price unchanged.
c. increase price.
d. cannot be determined with the information given.
Business
1 answer:
mixas84 [53]3 years ago
3 0

Answer:

(A) decrease price

Explanation:

Price elasticity is a measure showing how consumers react to the prices of products and services. It is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. When the price rises, demand decline and when price declines, demand rises. Also, depending on the product/service and the market, how consumers react to a price change can vary.

Therefore, if restaurants want to increase their total revenues they should decrease their price as that result to rise in demand, and consequently increase in their total revenues.

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3) Frito-Lay's gathers daily sales data and sorts it by product line and by region. The marketingmanagers use the data to evalua
Tasya [4]

Answer:

The correct answer is: D. Marketing information system.

Explanation:

Modern marketing requires more dynamic and intelligent information systems every day. The real-time information for decision making every day becomes more relevant. Focusing marketing strategies on the knowledge of customers and markets, requires having antennas placed on the market and multi-source data collection systems that allow anticipating market trends and thus making smarter decisions. Technology, Big Data and artificial intelligence are changing the rules of the Information Systems game.

The Marketing Information System and the digitalization of processes go hand in hand, allowing companies to use technology as a tool for making timely decisions for the market.

8 0
3 years ago
If a firm's forecasted sales are $280,000 and its break-even sales are $198,800, the margin of safety (in dollars) is:
Vinvika [58]

280000 - 198800 = 81200
5 0
3 years ago
All of the following are characteristics of Weberian bureaucracy except:
azamat

Answer:

b. management is the same as the ownership of the organization.

Explanation:

Weberian bureaucracy is the term used for the bureaucracy concept introduced by Max Weber, the famous sociologist and economists. He clearly stated that for any kind of administration the basic need is to maintain some standard characteristics:

Which included hierarchy as basics, therefore, it clearly distinguished the management and ownership and both are on different hierarchy.

Therefore, the correct option is:

b. management is the same as the ownership of the organization.

6 0
3 years ago
The Heating Division of Kobe International produces a heating element that it sells to its customers for $40 per unit. Its varia
san4es73 [151]

Answer:

$48

Explanation:

Calculation the minimum transfer price that the Heating Division should accept

Using this formula

Minimum transfer price=[New UVC + (Lost USP - Regular UVC)]

Let plug in the formula

Minimum transfer price=$28+ ($40- $20)

Minimum transfer price=$28+20

Minimum transfer price= $48

Therefore the minimum transfer price that the Heating Division should accept is $48

7 0
3 years ago
What are the scopes of microeconomy​
MAVERICK [17]

MICROeconomics refers to the effects and purchasing decisions of individuals.

This differs from MACROeconomics which focuses on large scale views of things that affect the economy as a whole like inflation and interest rates.

7 0
3 years ago
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