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Give an example of a product or service for which you have a very price inelastic demand (i.e. you'll continue to purchase about the same even if the price goes up quite a bit). A product or service with a price inelastic demand is one that gives the marketer some freedom to raise the price (and not much incentive to lower the price). Also give an example of a product or service for which you have a very price elastic demand (i.e. you'll purchase much less if the price goes up even a little). A product or service with a price elastic demand is one that doesn't give marketer much room to raise the price without significantly hurting sales, but a price cut could result in much higher sales. Explain the reason for your price elasticity or inelasticy for each product (or service). For example, my family has a very price inelastic demand for milk. Wanting my kids to have the calcium, protein, vitamins A and D, and other nutrients in milk, if its price were to double, I'd still purchase exactly the same amount I do now. Conversely, my favorite kind of soda is root beer, but if the price of root beer were to increase 25%, I'd probably shift more than 50% of my root beer purchasing to cherry cola (my second favorite type of soda). Since the change in quantity is so much more than the change in price, I clearly have a price elastic demand for root beer (the quantity I'll purchase stretches like elastic in response to a change in price).
Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..
Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..
Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..
An analysis of the holding costs, including the appropriate annual holding cost rate.
Briefly explain Evolution and contributor of Operations management.
A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..
Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.
Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.
Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.
Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.
Ccompare the effectiveness of different leadership styles in different organizations
Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.
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