Products, Services, & Prices

Essay specific features

 

Issue:

Business

 

Written by:

Francis O

 

Date added:

February 22, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 1022

 

Was viewed:

9312 times

 

Rating of current essay:

 
Essay content:

Market goods can be described as elastic or inelastic goods as change in quantity demanded for that good. If demand is elastic, a decrease in price will increase total revenue. Even though a lower price would generate lower sales revenue per unit, more than enough additional units would be sold to offset lower price (McConnell & Brue, 2004)...
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In a normal market condition, a price increase leads to a decreased demand, and a price decrease leads to increased demand. However, a change in income affecting demand is more complex. Types of goods will help us determine whether demand for cars is elastic or inelastic. If a good is considered to be a luxury rather than a necessity, the greater is the price elasticity of demand (McConnell & Brue, 2004)...
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