ADMS 2200 Lecture Notes - Lecture 6: Online Advertising, Radio-Frequency Identification, Unit Price
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26 Jan 2016
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Demand: schedule of the amounts of a firm"s good or service that consumers purchase at different prices during a specified period. Supply: schedule of the amounts of a good or service that firms will offer for sale at different prices during a specified time period. Elasticity of demand exerts an important influence on total revenue as a result in the changes in the price of a good or service. The answer, of course, lies in the elasticity of demand for public transportation. Inelastic product where a price goes up or down, does not matter people will still buy it. Breakeven analysis: pricing technique used to determine the number of products that must be sold at a specified price in order to generate sufficient revenue to cover total cost. Skimming pricing strategy: involves the use of a high price relative to competitive offerings. Often used by marketers of high-end products.
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