If you are only the shopkeeper in your village how would you use the c

1.	If you are only the shopkeeper in your village how would you use the concept of price elasticity to determine the price of a good
Answer» Answer: Here are a few things to think about: Explanation: 1. Are you selling a necessity or a luxury good? 2. AVAILABILITY of substitutes? 3. How much does your PRODUCT actually cost? 4. How long will this price CHANGE last? Overall, price elasticity should be an important consideration when developing your product and marketing strategies, in addition to being a BASIC building block behind your pricing. A huge factor that I'll REPEAT is that the price elasticity for different customer segments will vary. Thus, your marketing, pricing, and bundling must vary.

If you are only the shopkeeper in your village how would you use the concept of price elasticity to determine the price of a good

Answer»

Answer:

Here are a few things to think about:

Explanation:

1. Are you selling a necessity or a luxury good?

2. AVAILABILITY of substitutes?

3. How much does your PRODUCT actually cost?

4. How long will this price CHANGE last?

Overall, price elasticity should be an important consideration when developing your product and marketing strategies, in addition to being a BASIC building block behind your pricing. A huge factor that I'll REPEAT is that the price elasticity for different customer segments will vary. Thus, your marketing, pricing, and bundling must vary.

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