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- Discuss in details the concept of efficient pricing, illustrate and show the equilibrium.List and explain the three kinds of pricing methods. Give an advantage and a disadvantage for each method.4. Describe the three pricing methods discussed in the textbook (cost-based, demand-based, competition-based).
- 16. Revenue with Substitutable Products. The Camera Shop sells two popular models of digital single lens reflex (DSLR) cameras. The sales of these products are not inde- pendent; if the price of one increases, the sales of the other increases. In economics. these two camera models are called substitutable products. The store wishes to estab- lish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationships between the quantity sold (N) and price (P) of each model: NA 195 0.6PA + 0.25PB N = 301+0.08PA-0.5PB a. Construct a model for the total revenue and implement it on a spreadsheet. b. Develop a two-way data table to estimate the optimal prices for each product in order to maximize the total revenue. Vary each price from $250 to $500 in incre- ments of $10.6. Hongxing has developed a popular self-hypnosis course. She sells the course two ways: through a well advertised company website for a price of $150 and at an e- Bay storefront for $100. Her cost of producing and selling the courses depends only on the total number of courses she sells. Using one or more diagrams, explain Hongxing's pricing strategy. Be sure to cover (a) how Hongxing will decide the price and quantity to sell through each store, (b) what conditions must be met for Hongxing's pricing strategy to work, and (c) whether it is reasonable to assume these conditions are met in this example.a lock-in stategy bundling intertemporal pricing a teaser strategy
- What is the profit maximizing combination of prices of vegetables sold double to $50? What is the profit maximizing combination of price the fruit sold decreased to $12?If demand is flat, then Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b C d an increase in price will reduce total revenue, indicating little pricing power. an increase in price will increase total revenue, indicating little pricing power. a decrease in price will reduce total revenue, indicating a lot of pricing power. a decrease in price will have no effect on total revenue, indicating no pricing power. Your answerProblem Discuss what factors lead to inelastic demand and supply curves. Are they likely to be found together in the same situation?
- Determine the implications of market pricing on the following when making e economic decisions. A. Buyer/consumer B. Seller/producer/supplierWhat demand-oriented pricing approach is being used??Explain the type of pricing strategy that you as the manager of a company would implementfor Good X and Good Y with the following price elasticity of demand co efficients. Usediagrams to motivate your answer.a). Good X: 2.3 b). Good Y: 0.6