Explain the role of supply and demand in determining price

Assignment Help Operation Management

1. Why is pricing so important to the Marketing Manager?

2. Explain the role of supply and demand in determining price.

3. Explain the concept of elastic and inelastic demand. Why should managers understand these questions?

4. Why is it important for managers to understand the break-even point? Are there any drawbacks?

5. If a firm can increase its total revenue by raising its price, shouldn't it?

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