If the price of good X rises and the demand for good X is inelastic, then the percentage fall in quantity demanded is greater than the percentage change in price, and total revenue falls.
Demand elasticity, often known as the elasticity of demand, gauges how consumers react to changes in price or income. Due to the fact that the price of a good or service is the most typical economic component used to measure it, it is frequently referred to as price elasticity of demand.
The whole amount of money a seller can make by providing goods or services to customers is known as total revenue. The formula for this is P
Q, or the purchase price times the quantity of the products sold.
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Answer:
Yield management pricing
Explanation:
Yield management pricing is the charging of different prices for a given set of capacity at a specific time in order to maximize revenue. This is based on the demand and supply in the market and is very common in industries such as airlines, hotels and resorts. When there is very high demand for airline seats, prices for them are high. However, if some of those passengers decided to refund their tickets, close to departure and the flight would be taking off soon, instead of flying with empty seats and no revenue from them, the airline would decide to sell these same seats at a cheaper rate in order to gain some revenue. This is a form of revenue maximization.
Answer: This is called <u>Self-interest bias</u>.
Explanation:
When someone is using this type of bias they are doing it for their own self interest. They will use all information gathered to use the information that will benefit themselves and their interests. This can be considered unethical in some types of businesses. The person using self interest bias will try to blame others for any failures that they may have. They may also refuse to take personal responsibility in any situation.
These are three other types of bias;
- Selection bias
- Information bias
- Confounding
Answer:
D) Usage
Explanation:
Usage barriers or obstacles to use are basically reasons why a customer will cease purchasing a good or service, or might even return a purchased good just after purchasing it. Sometimes enthusiastic customers may falsely believe that a product is easy to handle and use, while it's not, e.g. a Sedgeway that initially had very high sales but then they plummeted. Usage barriers result in high customer churn.
In this case, some users might actually believe that eating a small amount for one day and exercising for a couple of hours will radically change their body structure. The bad thing is that after a few days they will realize that it was all a lie, and they will get either frustrated or mad.
An individual would likely want to work for the department of finance and administration if the individual is interested in this field in which he or she will likely take on the job of managing finances such as budget, finance reports and as well as accounting, in a way that it will help a company or organization to have someone deal with how the money circulates or managed in the company.
