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Role of supply and demand in determining price

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Reference no: EM133163540

1. Why is pricing so important to the marketing manager?

2. How does price allocate goods and services?

3. Why do many firms not maximize profits?

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

5. Explain the concepts of elastic and inelastic demand. Why should managers understand these concepts?

Reference no: EM133163540

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