MGMA01H3 Chapter 13: Chapter 13

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15 Apr 2011

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Price determination: three general approaches to determine price, price derivation. based on theoretical economic analysis: cost-plus approach. where the costs of producing the product are determined, and a margin of profit is added on: marketing approach. built on aspects of the economic-analysis and cost-plus methods, and adds an important marketing dimension to come up with a realistic price. Supply refers to a schedule of the amounts of a product or service that will be offered for sale at different prices during a specific time period. In short run: firm will operate when price falls below ac, provided it remains above avc, supply curve is the marginal cost curve above its intersection with average variable cost. The concept of elasticity in pricing strategy: elasticity is a measure of the responsiveness of purchasers and suppliers to changes in price, price elasticity of demand is the percentage change in quantity divided by percentage change in price.

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32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

11) Which of the following best describes the term standard of living? total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

MGMA01H3 Chapter 13: Chapter 13

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