Change your manufacturing process and raise your price

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Reference no: EM131244678

Suppose you know you are selling a plastic toy that could be potentially harmful to children, but the cost of creating a safer toy would more than double its retail price. If consumers are willing to buy the existing product should you change your manufacturing process and raise your price? As a parent would you be willing to pay twice as much for a safer product? Is it fair to consumers who have less disposable income if you do switch your manufacturing process to produce the safer but more expensive toy?

Reference no: EM131244678

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