Answer: ethical
Explanation:
Ethics simply refers to the standard of knowing what's right and wrong. From the question, we can infer that Tiny is facing ethical challenges as his action will harm some and benefit others.
In this case, some of the workforce will be laid off while there will be an increase in salary for the top executives and one of the top executives is being investigated for corrupt practices. This is an ethical dilemma.
Answer:
Raise price
Explanation:
Elasticity of demand refers to the responsiveness of quantity demanded with any change in the price level of the product.
Here, the elasticity of demand is 1.72 which indicates that the demand for the product is more elastic. This means that a slightly increase in prices would reduce the quantity demanded by the a larger amount.
Therefore, if this company wants to decrease its revenue then it should raise the price of the product which results in lower quantity demanded and hence, reduction in the revenues.
Answer:
Explanation: As a manufacturer of children's toys these are the things that must be done to keep the prices of your products low:
1. Sourcing for raw materials is very important as this will form the basis of your product pricing. you must get the cheapest price for the quality of products to be manufactured.
2. Reduce waste as minimal as possible
3. Negotiate all costs to the lowest
4. Design trade by barter offers for your products
5. Negotiate long term supply agreement with suppliers