Demand for a product is elastic or inelastic

Assignment Help Business Management
Reference no: EM131281436

Elasticity is related to a firm's total revenue and changes as you move up and down the demand curve. Suppose you are a marketing manager charged with deciding whether to increase the price of goods. The company's goal in considering that decision is to increase total revenue. If you were facing elastic demand, would a price increase be a good way to increase total revenue? If you were facing inelastic demand, would a price increase be a good way to increase total revenue? Since elasticity changes as you move up and down the demand curve, how can the marketing manager know whether demand for a product is elastic or inelastic?

Reference no: EM131281436

Questions Cloud

How many females are in your area in the target demographic : How many females are in your area in the target demographic? How many potential consumers, male and female, are in the geographic area? What is the disposable income on average in your target market?
Discuss a brief history of the disease : Discuss a brief history of the disease (including the infectious part of the lifecycle if it is a parasite), where it is endemic and where it has spread, the general symptoms and stages of symptoms if there are such stages.
Analyze two roles that human resources management plan : Analyze at least two roles that human resources management plays in selecting necessary employee benefits. Next, determine the degree to which employee feedback has impacted the selection of these benefits.
What on-line personal activities should an employer tolerate : Write a journal entry on the following reflective question. Mark it as "PERSONAL ACTIVITIES". What on-line personal activities should an employer tolerate, and what activities should it not tolerate? Why?
Demand for a product is elastic or inelastic : If you were facing inelastic demand, would a price increase be a good way to increase total revenue? Since elasticity changes as you move up and down the demand curve, how can the marketing manager know whether demand for a product is elastic or i..
Explore how to identify and develop high-potential talent. : Explore how to identify and develop high-potential talent.Determine the characteristics of an effective onboarding model.Analyze the process for crafting a talent brand and accessing talent channels.
How will you implement the human resource strategic plan : How can your analytical skills be used when developing and implementing strategic plans - what financial implications exist when proposing new strategies and why is it important that research is accurate and up to date?
Describe what you will do in case the selected product : Explain what you will do in case the selected product or service does not initially sell as much as expected. Indicate potential digital channels for marketing your product or service.
Discuss quantitatively the effect of grain growth rate : The pore filling theory of liquid phase sintering predicts that the densification of powder compacts is determined by grain growth.

Reviews

Write a Review

Business Management Questions & Answers

  Functions of management in polc model

Robbins and Judge (2013) discussed the four functions of management in the POLC model: Planning, Organizing, Leading, and Controlling. Think about a time in your work, personal or school experience where you have held a position that required you ..

  Recover for the business income loss

During the shutdown period, there were no revenues, and Ashley had continuing expenses of $10,000. How much will Ashley recover for the business income loss? Explain your answers.

  Describe how such vagueness and ambiguity influences

Describe how such vagueness and ambiguity influences understanding and Identify what is vague and what is ambiguous about each

  Changed managerial and financial applications

Does your organization use the Balanced Scorecard approach? If so, discuss how its use has changed managerial and financial applications in the company. If not, consider what changes might occur if your organization did apply a Balanced Scorecard.

  Determining the appropriate intervention method

What are some of the key questions to ask when deciding on the appropriate intervention method? Describe why each of the questions is important to this decision.

  Determine the reorder point and safety stock

Determine the reorder point and safety stock that will achieve a 95 percent service level given a constant 2-day delivery lead time. Assume daily demand is an independent variable.

  Previous management experiencereview previous management

previous management experiencereview previous management experience that you have had. as this is a personal review it

  Technology expert view from the trenches

After reading the Technology Expert's View from the Trenches: Trials and Tribulations of a High Tech Start-Up by Steven Sundheim in Chapter 6 of your textbook, you will explore the tools that are best suited for a company to design a new product, ..

  1 determine the elements of a valid contract as well as

1 determine the elements of a valid contract as well as discuss how consumers and banks each have a duty of good faith

  Segmentation-targeting and positioning strategy

You desire to develop a new brand of running shoe. Develop the segmentation, targeting, and positioning strategy for marketing the new product.

  Discuss background of the market

Discuss the following: Background of the market, Competition and Industry trends

  Explain the strategic rationale for corporate growth

Using cases and real examples, explain the strategic rationale for corporate growth and the different ways in which companies can achieve such growth. Evaluate the key features of successful strategic entrepreneurship drawing on real cases and exampl..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd