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Explain the term Cost -pricing decisions
No business can survive unless it covers its cost of production and distribution. In large number of products, retail prices are concluded by adding a reasonable profit margin to the cost. Higher the cost, higher is likely to be price, lower the cost lower the price.
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Problem 1: (a) Define the four most important cost concepts. (b) Describe clearly the statement, ‘Buyer and seller may have different perspectives on what price means'.
study the environmental & economical trends prevailing in Himachal Pradesh & prepare a business plan for launching a new product
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