Explain price elasticity and its determinants

Assignment Help Management Theories

Reference no: EM131459924

Question: Explain price elasticity and its determinants. Elasticity is an important element in price determination. The degree of consumer responsiveness to price changes 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: EM131459924

Questions Cloud

Identify the major categories of pricing objectives : Identify the major categories of pricing objectives. Pricing objectives are the natural consequence of overall organizational goals and more specific marketing.

Handling of records and you plan to change : You have a bureau crew of four other employees who have had little involvement in the handling of records and you plan to change that.

What is the apr of the loan : You have arranged for a loan on your new car that will require the first payment today. What is the APR of the loan?

How long will the project take to complete : Draw a Critical path diagram. Sometimes referred to as PERT or a CPM diagram. How long will the project take to complete.

Explain price elasticity and its determinants : Explain price elasticity and its determinants. Elasticity is an important element in price determination. The degree of consumer responsiveness to price change.

What is the actual change by percentage in the value of usd : How do you describe Canadian dollar's Change against the U.S dollar? What is the actual change by percentage in the value of USD over this 5- year period?

Social information technology and business frameworks : Consider collaboration as one of the social IT categories in which Facebook, LinkedIn, blogs, and Twitter are used to extend the reach of stakeholders.

Define price theroy concepts : List the practical problems involved in applying price theory concepts to actual pricing decisions. Three problems are present in using price theory in actual.

Configuration register controls : You have been asked to explain what happens when a router has issues to a group of new administrators. In your own words, what is the process for resetting.

User Account

All Pages