In the senno Sector, price is ushalb nrened to as: · d fare e all of the above a
ID: 365171 • Letter: I
Question
In the senno Sector, price is ushalb nrened to as: · d fare e all of the above are wsed h uinion Donand for a pnxhict is hard to be highly elipdic when a relatively pwice snds to a relatively a. small""small change in change in demand small large largesmall b argeae ar moderate s Prise is a mone b, a system that involvs barte e, not something we negotiate in the United States d. always includes a protit margin. e a statement of value Which of the following markets would demonstrale the most inclastio demandy a. Honeymooners going to high ond resorts b. Clients that need routine tan advice thom their CPA e, Young people attending a concert d. Families going to the poo e Diabetios buying insulin fiom a pharmacist 10. The floor upon which prieing strategles are built is a. demand (customers), b. costs e, rerun on invetmen d sales projections e, intensity of the competition 11, The ceitling for pricing strategies i a, demand (eustomers) b. costs e etun on investmen d, sales projections e, intensity of competition 12. The fctor that determines where prices nctually tall is " demnnd (customers) b. conts e, return on investment. d. sales projections e intesity of competitionExplanation / Answer
Q1. In the service sector the price is usually reffered to as Fees because it is payment made to the professional body for their services.
Q2. Demand of the product is highly elastic when small change in price leads to a relatively large change in quantity demand.
Q3. Price is a statement of Value breecause seller perceives higher price in exhange of the value he created to make and sell the product similarly , consumer recived the higher value of goods and services in exchange of the prices paid.
Q4.Diebetics buying insulin from pharmasict because Insulin is the main medicine to control diebeties , no matter whatever is the price of isulin in market . it is a necessary part of life for the diabetic patient. In highly inelastic demand, there is no change in quantity demanded, whether prices go up or down.