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True or false? Basic economic concepts can be used to understand the pricing of products.
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- For example, a 12 oz cup of Coke is $1, and a 32 oz cup is $1.70. What explains this marketing strategy? With the help of graphs (economic models) demonstrate.What if buyers in the market were to Decrease?Select and name a market of any well-known product , draw its market diagram, state and name four different factors that might cause changes in equilibrium price and quantity.
- Answer the questions below based on the following scenario: Pricing Scenario: You just won a new laptop in a contest, and you decide to sell your old one. You do not have a lot of money and want to get the highest price possible for your old laptop. It is a Mac that you bought brand new last year. You are listing the laptop online, and you need to identify the price. a. What price would you list your laptop for? b. Explain why the price you proposed would maximize your revenue using the principles of supply and demand. c. Do you believe the demand for your laptop will be elastic or inelastic? Explainhow did we get price at $10?
