1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Hoochie [10]
3 years ago
6

You are the newly appointed sales manager of the Rock Record Company and have been charged with the task of increasing revenues.

Your economics consultants have informed you that at present price and output levels, price elasticity of demand for your product is less than one. You should:
Business
2 answers:
miskamm [114]3 years ago
8 0

Answer:

The correct answer is: increase prices.

Explanation:

Price elasticity refers to the changes in quantity demand after the change in price for a good or service. <em>Elasticity is calculated by dividing the percentage in quantity demanded by the percentage change in price. If the result is equal or greater than one (1) the demand is elastic. If the result is lower than 1 the demand is inelastic. </em>

Thus,<em> in the case given, Rock Record Company has an inelastic price demand since it is lower than 1. It implies changes in price are unlikely to change the quantity demanded. As the company needs to increase the revenue, the easiest method to achieve that is to raise the product prices.</em>

mote1985 [20]3 years ago
6 0

Answer:

Increase price.

Explanation:

Price elasticity is the degree of responsiveness of quantity demanded to changes in price. Ideally as price increases quantity demanded reduces. When prices reduce quantity demanded increases.

As a new manager of Rock Record company, if the economics consultants inform you the price elasticity is less than one it means quantity does not change with increase in price.

So price can be increased without a corresponding decrease in price. The goal of higher revenue can be achieved by increasing the product price.

You might be interested in
Typically, most network television advertising time is sold as
Oksi-84 [34.3K]
Commercials? idk look it up. (not on brainly lol)

3 0
3 years ago
A characteristic of FICA is that:
stepladder [879]

Answer:

The correct answer is letter "A": None of these.

Explanation:

The Federal Insurance Contributions Act (FICA) is a U.S. law that requires a paycheck deduction to be paid to Social Security and Medicare. Employers and employees share half the payments. Self-employed people are responsible for the entire tax amount.

8 0
3 years ago
The amount of a product that people are willing and able to purchase at a specific price is referred to as the:
12345 [234]
<span>The amount of a product that people are willing and able to purchase at a specific price is referred to as </span>demand.
8 0
3 years ago
Khalid has just found out that his friend Jason is terminally ill.This has made him feel sad and lonely at the thought of living
Paha777 [63]

Answer:

B) Anticipatory Grief

Explanation:

As Khalid has found out that his friend Jason is terminally ill. This has made him feel sad and lonely at the thought of living life without his friend. Khalid's feelings best represent the concept of anticipatory grief which refers to the feeling of sadness and grief occurring before the actual happening of that loss. We become sad and emotional even before the actual happening of some incident. For example, when our dear friend is in hospital after a sever accident, then we start feeling this anticipatory grief that the chances are more that he will be dead soon so we feel more grief and sadness.

6 0
3 years ago
Melinda signs a three year contract for employment as a legal studies lecturer. Does this type of contract fall within the scope
abruzzese [7]

Answer: Yes, because it is a contract whose terms prevent possible performance within one year

Explanation:

The Statute of Fraud mandates that certain contracts need to be written down. These contracts include the sale of land, amounts involving more than $500 and contracts that have a timeframe of over a year.

Melinda entered into a contract with terms that have to be fulfilled in more than a year. It is therefore under the Statute of Frauds.

3 0
3 years ago
Other questions:
  • What could you learn in the successful turkey hunting course?
    6·1 answer
  • According to the University of Michigan studies, leaders who are production oriented are described as emphasizing interpersonal
    11·1 answer
  • If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs for the period, t
    12·1 answer
  • The equipment account had a $36,000 balance at the beginning of the year, and a $30,000 balance at the end of the year. The accu
    15·1 answer
  • Smart Touch Learning normally performs​ e-learning services for​ $500. However, Smart Touch Learning performed services for a cl
    7·1 answer
  • Does inflation benefit the lender or borrower?
    14·1 answer
  • In a simple economy suppose that all income is either compensation of employees or profits. Suppose also that there are no indir
    11·1 answer
  • Jacob Engineering Group views and organizes its marketing activities from the viewpoint of its buyers. Management works hard to
    9·1 answer
  • How does PESTLE help your strategic development team?
    5·1 answer
  • Matt knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To ac
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!