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Essay Details:
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Essay text:
The CD players cost the wholesaler $70 each.
a. Calculate the price elasticity between the $100 and the $135 price levels
b. What factors should determine the price to be set?
Ans3:
A:Priceelasticity: Quantity 1 – Quantity 2
Quantity 1 + Quantity 2
Price 1 – Price 2
Price 1 + Price 2
Price elasticity: 11000 – 7500
11000+ 7500
100 – 135
100 + 135
=1.27
B: It depends on the marketing philosophy. At a price of $135, profit will probably be higher because the firm needs to produce and sell fewer products, thus reducing costs. At a price of $100, more units are sold; this may increase customer base for other products the firm offers and thereby raise overall company sales and profits...
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