This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Many products are in the maturity stage of the product life cycle. Indicate whether the statement ... (Read 156 times)

nenivikky

  • Hero Member
  • *****
  • Posts: 516
on: Jun 29, 2018
Many products are in the maturity stage of the product life cycle.
 
 Indicate whether the statement is true or false

Question 2

Explain what is meant by price elasticity of demand.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

durant1234

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jun 29, 2018
Answer to Question 1

True

Answer to Question 2

Price elasticity of demand provides a measure of the sensitivity of consumer demand for a product or product category to changes in price. Elasticity is formally defined as the percentage change in quantity demanded relative to a given percentage change in price. For a product with highly elastic demand, a relatively small increase in price results in a huge change in quantity sold. Non-essential items or those with ready substitutes tend to have more elastic demand. If marketers can determine the price elasticity of demand for a product, setting a price is easier. By analyzing total revenues as prices change, marketers can determine whether a product is price elastic. Total revenue is price multiplied by quantity. If demand is elastic, a shift in price causes an opposite change in total revenue: An increase in price will decrease total revenue, and a decrease in price will increase total revenue. The following formula determines the price elasticity of demand: price elasticity of demand =  change in quantity demanded/  change in price.


nenivikky

  • Member
  • Posts: 516
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

ASDFGJLO

  • Member
  • Posts: 335
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Cell Cycle Cell Cycle
Testing the reducing atmosphere hypothesis for the origin of life - the Miller and Urey experiment. Testing the reducing atmosphere hypothesis for the origin of life - the Miller and Urey experiment.
The Carbon Cycle The Carbon Cycle
In pretend play, toy figures and animals “come to life” and interact with each other. In pretend play, toy figures and animals “come to life” and interact with each other.
Nursing Interventions According to Stage of Severity for Suicide Risk Nursing Interventions According to Stage of Severity for Suicide Risk
HIV cycle in an infected cell: (a) latent infection; (b) active infection. HIV cycle in an infected cell: (a) latent infection; (b) active infection.
Video: Gas exchange - partial pressure, locations, external and internal respiration

For a complete list of videos, visit our video library