Pricing strategy, Business Economics

Assignment Help:

You own a small retail business that produces a product that is slightly different from that of your many competitors. Your firm is currently making an economic profit. The absolute value of the elasticity of demand for your product at the current price is less than one (i.e., inelastic).

a) What pricing strategy would you suggest, and why?

b) What would you expect the long-run future of your business to be, and why? Use graphs to explain your answer.

c) What long-run strategy would you suggest for your firm, and why? Use a graph to explain your answer.


Related Discussions:- Pricing strategy

Define hierarchy of project management method, The project management metho...

The project management method envisages a hierarchy of plans. Define this hierarchy. At the top level, there would be a Project Plan which covers the major aspects of the proje

What are the implications of environment in economic growth, What are the i...

What are the implications of Environment in Economic Growth? Implications of Environment in Economic Growth: Only government can suppose liability for protecting natural res

Describe situations wherein an is project use subcontractors, Describe situ...

Describe situations wherein an IS project may need or wish to use subcontractors. Purposes for using subcontractors include: a. Lack of resources or skills: The organisation

What are the assumptions of unbalanced growth, What are the assumptions of ...

What are the assumptions of unbalanced growth? Development cannot be initiated through one industry. Government recognize strategically significant areas to planned economy or

Game Theory, Usage of Game Theory in Managerial decision

Usage of Game Theory in Managerial decision

Regional trade agreements, Question: There are currently some 421 Regio...

Question: There are currently some 421 Regional Trade Agreements (RTAs) around the world. These RTAs normally provide preferential treatment to member countries, which is again

Illustrate the highlight report in project management method, Illustrate th...

Illustrate the highlight report in project management methods. Highlight report: The Highlight Report is the ordinary report by the project manager to the Project Board.

How did foreign debt arise, How did foreign debt arise? Evaluation: ...

How did foreign debt arise? Evaluation: Borrowing shows an injection of new resources in the domestic economy and also an opportunity for development. • When borrowed re

What steps are needed to ensure proper change control, Changes frequently b...

Changes frequently bedevil IS projects. What steps are needed to make sure that proper change control is exercised onto a project? An effective change control system involves t

Write Your Message!

Captcha
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