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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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A basic CRM premise is that customers form relationships with companies as opposed to companies conducting individual transactio
Romashka-Z-Leto [24]

Answer:

True.

Explanation:

In Business management, customer relationship management (CRM) can be defined as the basic combination of strategies, technologies, techniques and practices for the management and evaluation of customer interactions and informations with the company's past, current and potential customers, for the purpose of increasing sales, growth and improving customer satisfaction.

A basic customer relationship management (CRM) premise is that customers form relationships with companies as opposed to companies conducting individual transactions with customers. In order to build a mutual and strong customer relationships, it is very important and essential to create a communication medium. Companies shouldn't just engage in a one-sided business transactions with their customers, it is important and essential that they try to find out what the wants or basic needs of their customers is. Consequently, they would then be able to proffer a solution or inform them that they have a solution to meet the customer's wants or requirements.

<em>Hence, in order to build a seemingly and effective customer relationship management, companies should ensure they employ competent and professional managers who has a good listening ear and pays so much attention to details. </em>

4 0
2 years ago
Which of the following statements is true?
Nana76 [90]

Answer:

the answer should be

a. Overhead can be applied slowly as a job is worked on.

3 0
3 years ago
Read 2 more answers
Kate Payne was reading the business plan for New Venture Fitness Drinks, and noticed that prior to its financial statements, New
Y_Kistochka [10]

Answer: Financial Notes and Supplementary Schedules

Explanation:

The Financial Notes and Supplementary Schedules is also known as footnotes.

The notes discloses-

a. Assumptions used in the preparation of the financial statements.

b. Discloses accounting policies used in the preparation of the financial statements.

c. Financial instruments been used by the business.

d. Legal matters.

I hope this answers your questions.

Goodluck

8 0
3 years ago
When independent measurers get similar results when using the same accounting measurement methods, the financial information is:
Deffense [45]

Answer: verifiable

Explanation:

A financial information is verifiable when the independent measurers get similar results when using the same accounting measurement methods.

In this scenario, the independent measures use thesame method but do their work separately without them knowing the results gotten by the other person. When there's similarity in the results, it shows that the results are verifiable.

6 0
2 years ago
One of the advantages of information systems for businesses is to take raw data and turn it into information, and then transform
solniwko [45]

Answer:

Data

Explanation:

Data can be defined simply as facts or statistics or sample collected for information or analysis or reference purposes. Data can also be said to be individual or singular units of information. In this case, the number of people with income below the poverty line is an example of data or raw data.

I hope this helps.

5 0
3 years ago
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