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Essay / Research Paper Abstract
This 7 page paper looks at the different issues a firm may consider when they are looking at making changes to the process of the goods or services that they offer. The paper looks at issues such as supply and demand and influences that may impact on the demand that manifests after a change in price. The bibliography cites 5 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEsetprice.rtf
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Unformatted sample text from the term paper:
these include elements such as the goal of the firm, for example, is it seeking to maximise profits or it is seeking to maximise revenues, for example the latter be
an aim where there are potential benefits to gain from economies of scale (Nellis and Parker, 2006; 56). This will help to determining the way that prices may be considered,
as the aims of the company targets for the level of sales that are desires, which may reflect influences such as the optimum product level; the point at which each
unit produced has the lowest overall average cost of production (Nellis and Parker, 2006; 83). There are three possible strategies which can be adopted as alternatives to profit maximization; sales
revenue maximization, managerial utility maximization and corporate growth maximization. The target or aims of the firm are only the beginning, the consideration of
price is then the way that price may be adjusted to help achieve this aim. There are both direct and indirect influences. The first and most apparent consider is that
impact that price will have ion the demand for a good and the way an adjustment will impact on that demand, for this we need to look at the concept
of elasticity. To look at the concept of elasticity, it is first necessary to consider the idea of supply and demand. Where goods are in demand and supply is not
able to satisfy the demand the price will increase until the demand drops or more suppliers enter the market attracted by the high prices. Where supply is in excess of
demand the opposite will happen , the price will drop until sufficient demand is created by the lower prices, or sufficient supplies drop out of the market to reduce the
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