A consumer's life style is identified partly by what that person considers important in her environment and what she thinks of herself and the world around her.
<h3>What is consumer life style?</h3>
This refers to characteristics consumer possess, which is a reflection of certain behaviour. The lifestyle patterns provide broader views about the consumers.
The components of consumer life style are :
- Activities
- Interests
- Opinions
Therefore, a consumer's life style is identified partly by what that person considers important in her environment and what she thinks of herself and the world around her.
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What human resources manager focus on when determining an organization's long-term staffing needs is the organization's vision and strategic plan.
<h3>What is Strategic planning?</h3>
Strategic planning can be regarded as the process where an organizational leaders determine their vision.
This helps the leader to prepare for the future as well as identify their goals and objectives for the organization.
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The San Francisco Giants sell tickets based on <u>dynamic pricing</u>, <span>where the prices often change based on demand and other variables.
This means that these tickets are based on how much a regular customer is willing to pay. There is an approximate price that seems reasonable for customers, and it can fluctuate, but still it is the best way to buy or sell something and profit after it. </span>
Answer:
a. Smoking might decline by 7.2%
b. Teen smoking would decline by 12.6%
Explanation:
1. The elasticity of demand is able to check the amount that demand will reduce by if prices rose.
The formula is;
= % change in quantity demanded / % change in price
Given that a 10% price increase reduced cigarette consumption about 4% in the past, the elasticity is;
= -4%/10%
= - 0.4
Given that prices rise by 18%, the resultant decrease in consumption should be;
= - 0.4 * 18%
= -7.2%
b. Given and elasticity of demand of 0.7, the teen smoking rate would decline by;
= elasticity * price increase
= 0.7 * 0.18
= 12.6%
