Based on the fact that the demand elasticity is 0.91, the revenue-maximizing decision would be to d. increase tuition, which would generate more revenue.
<h3>Why is this the revenue-maximizing decision?</h3>
When the demand elasticity is below 1 as is the case here, it means that demand is inelastic.
When demand is inelastic, an increase in price will lead to a lower decrease in demand. This means that increasing prices for enrollment in this college will bring in revenue because there won't be much change in demand.
In conclusion, option D is correct.
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Answer:
The correct answer is letter "E": diminishing marginal utility.
Explanation:
The Law of Diminishing Marginal Utility states that the more you use a good or service, the less pleased you will be with each use or use that follows. The law of diminishing utility is a key principle in assessing consumer preferences. This assumes consumers are rational and spend money in such a way as to maximize their contentment with each subsequent unit without impacting their overall enjoyment negatively.
Answer:
command, market, and mixed
Answer:
a more personal relationship between the buyer and seller than in B2C markets
Explanation:
B2B (business-to-business) is a marketing strategy that deals with meeting the needs of other businesses, by selling products or services to the organizations for resale to other consumers, used in production of goods or for the operation of an organisation.
B2B (business-to-business) model focuses on facilitating sales transactions between businesses.
Under the B2B, the producer sells its products directly to other businesses such as wholesalers or retailers and not the end consumers.
On the other hand, the B2C market involves businesses selling their goods and services directly to the end consumers or users for personal use.
The nature of B2B markets requires a more personal relationship between the buyer and seller than in B2C markets.
FOB <u>destination</u> is the term used when ownership of the goods transfers to a buyer when the goods arrive at the buyer's place of business.
<h3>What is FOB destination?</h3>
FOB which full meaning is freight on board is a form of goods or product shipment in which the seller is fully incharge or in possession of the goods until the goods reach the buyer destination in which the ownership of the goods is then transfers to a buyer.
Once the ownership of the goods transfers to a buyer, this means that the buyer is the owner of the goods and is liable for any damage that occur to the goods.
Inconclusion FOB <u>destination</u> is the term used when ownership of the goods transfers to a buyer when the goods arrive at the buyer's place of business.
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