Answer:
i do not support gwentyth paltrows company
The correct answer is; Raise her prices on the car detailing or only wash cars.
Further Explanation:
It makes the most sense that Betty Lou raise the pricing on the car detailing. Since the materials cost more than the washing materials and car detailing takes more time, she is losing money in the long run.
If Betty doesn't want to raise her prices, she should only continue to wash cars since she can do this faster and make more money on average. This is the most efficient use of her resources. Betty can use advertising to get more clients and repeat clients that liked her car detailing will be willing to pay more for her services.
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Answer:
Since the product is new, the consumers wouldn't have any method to compare the price with the ones that created by other companies. This created a situation that make the consumers doubt whether they make a correct economic decisions if they purchase the product.
This is why it's important to get the price 'right'.
The company need to ensure that the price represent more value for Consumers compared to the money that they have to sacrifice to obtain it.
Answer:
Normal good
Explanation:
Income effect Is change in quantity demanded when the consumers purchasing power change as a result of a change in real income.
Substitution effect is when quantity demanded falls as a result of rise in price of a good which leads consumers to purchase cheaper alternatives.
A normal good is a good whose demand increases as income increases.
If the price of a normal good falls, the real purchasing power of the consumer increases and the consumer buys more of the good. Also, the consumer substituites from more expensive alternative goods to the more cheap normal good. The income and substitution effect both move in the same direction.
The term that best fits the blank provided above is LOYALTY CARD. This kind of system allows the provision of rewards and incentives for consumers and this would also allow detailed recording and the tracking of the activities of the consumers. Hope this helps.
