Give an example of what is meant by the phrase demand is elastic or inelastic, and explain what this means
Elasticity of demand measure the relationship between price and demand. Demand is said to be elastic if changes in prices (such as price increase) results in a percentage change in demand that is greater than the percentage change in price. For instance demand for concert tickets would be considered elastic if reducing the price by half created more than double the demand. Demand is considered inelastic if the percentage change in price is higher than the percentage change in demand. For instance gas is said to have inelastic demand, when price doubles demand may only go down 10 to 20% if that. If gasoline had elastic demand when price doubled people would drive half as much.
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Three teenage girls spent an hour at a store trying on various outfits, looking at possible combinations, and asking each other, "How do you think this looks on me?" This situation is most closely related to which of the following situational influences?
A. social surroundings B. antecedent states C. physical surroundings D. purchase task E. temporal effects
The value assessment method _______ is a qualitative approach to gaining a better understanding of the perceptions and reactions of participants. In doing so, the research analyst also generates estimates of value
The participants typically are knowledgeable individuals within customer firms that are targets for the studied market offering, although a supplier firm also may be interested in the reactions of industry consultants or pundits. a. internal engineering assessment b. field value-in-use assessment c. indirect survey questions d. focus group value assessment
Which of the following types of picketing is designed to force the employer to recognize and bargain with an uncertified union?
A) secondary picketing B) jurisdictional picketing C) organizational picketing D) informational picketing
After initial control chart construction, the second step to continue statistical monitoring of a process is?
a. Collect samples of size four or five periodically b. Plot sample means and ranges on the control charts c. If the process trends out of control, investigate the causes and eliminate assignable variations d. Ensuring that the process is in control before beginning statistical monitoring