29 Jun A product is priced at € 100
Question
A product is priced at € 100 and sold 3,000 times. Price elasticity is estimated at – 2.0. How much income should vary if the price increases by 5%? (Negative in case of decrease and increase if positive)
Suppose that a product has a price elasticity of – 0.7. In order to reduce unit sales by 20%, what would be the necessary increase in the price? (Give an approximate answer or use to one decimal place. The answer must be given as a percentage, but does not include the% symbol)
Wild Blue Preserves company produces 15 different jams and marmalades. They opened a small store in a local mall to sell their products along with other prepared foods. The production cost of each pot of 250 ml of blueberry jam is $ 1.50. The percentage Wild Blue Preserves plans to apply as profit margin on the price is 100%. What would be the final price using a pricing strategy based on costs?
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