What are the determinants of elasticity

Assignment Help Management Theories

Reference no: EM131459976

Question: 1. Identify the two types of costs that make up a product's total cost. A product's total cost is composed of total variable costs and total fixed costs.

2. What are the determinants of elasticity? The degree of consumer responsiveness to price changes-elasticity-is affected by such factors as

(1) availability of substitute or complementary goods,

(2) the classification of a good or service as a luxury or a necessity,

(3) the portion of a person's budget spent on an item, and

(4) the time perspective.

Reference no: EM131459976

Questions Cloud

What is value pricing : What is value pricing? Value pricing emphasizes the benefits a product provides in comparison to the price and quality levels of competing offerings.

Obtain home loan : you win the lottery and want to pay off the rest of what you owe.

Product cost cross-subsidization problems : In what way does ABC (activity Based Costing) product costing differ from traditional product cost methods?

What are the four types of market structures : What are the two basic ways in which marketers determine prices? Marketers determine prices by applying the theoretical concepts of supply and demand.

What are the determinants of elasticity : Identify the two types of costs that make up a product's total cost. A product's total cost is composed of total variable costs and total fixed costs.

What is usual relationship between elasticity and revenue : What is the usual relationship between elasticity and revenue? A price cut increases revenue only for a product with elastic demand.

Evaluate the value of the cba for each constituency : Evaluate the value of the CBA for each constituency and integrate these estimates into a scenario model and/or decision tree. Analyze the results.

What amount will be in your account at the end of six years : You plan to make your first deposit one year from today. What amount will be in your account at the end of 6 years?

Adopt other effective strategies : To minimize crimes in our society, we should adopt other effective strategies, and avoid capital punishment. As it is clear that the death penalty.

User Account

All Pages