Considering the scenerio about Judy and Amy are having lunch together and decide to split the bill equally. In this case, Amy is less price sensitive when sharing the cost.
What is price sensitivity?
Price sensitivity can be regarded as the degree to which demand changes as result if the changes in cost of a product or service changes.
It should be noted that Price sensitivity helps in measuring price elasticity of demand.
- And this rule implies that some consumers will refuse to pay more incase there there us availability of lower-priced option.
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The marketer should select target markets once she has developed a market-product grid and estimated the size of markets.
<h3>What is a target market?</h3>
A target market being a group of customers that a business decides to aim its marketing efforts and ultimately products on. They are potential customers that one wish to sell products or services to.
Target market are the group of people in which the products are made for. The products are specifically tailored to certain set of people.
Hence, the marketer should select target markets once she has developed a market-product grid and estimated the size of markets.
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Answer:
$80,000
Explanation:
Missing word <em>"and has average variable costs of $100"</em>
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Note: AVC = Average variable cost, TVC = total variable cost
AVC = TVC / Output
$100 = TVC/800 units
TVC = $100*800 units
TVC = $80,000
So, the firm's total variable costs are $80,000.
Formalist <span>criticism focuses on the political implications of a work of art.
There are 4 types of art criticism
1) Formalist Criticism
2) Ideological Criticism
3) Structuralist-based Criticism
4) Feminist Criticism
When you are using formalist criticism, you are studying the text without taking any outside influence into account.</span>
