26 Jul WHAT DO YOU SAY IN RESPONSE TO THE PROPOSAL THAT PRICE SHOULD BE INCREASED AND THAT DOING SO WILL RAISE THE REVENUE OF THE FIRM?
: You are an employee in a small business. You are presently only an employee but you asp Show more Background: You are an employee in a small business. You are presently only an employee but you aspire to a more lucrative and responsible decision making job with this firm. The owner of this enterprise has a son and it looks like you will need to outrun him if you expect to get the job you want. The owner recognizes your promise and he invites you to attend a special meeting on pricing policy. His son who has managed to get a B.A. in Marketing from a college that shall remain unnamed is to present his analysis and recommendation concerning proposed changes in the price of the only product produced by the firm. You have done your homework and you know with confidence that the price elasticity of demand for this product is equal to 1.4 that is Ed=1.4 according to your estimate. (No one at the meeting knows this but your estimate has been checked and confirmed by your aunt who has a Ph.D. with a specialty in Marketing but met your uncle the week before the degree was conferred so she never used her knowledge preferring instead to be a full time mother to their three kids.) You show up to the meeting and after dad introduces you to the others present. The son says There is not much question what we should do on the matter of the pricing of our product so I will not waste your time with details. We should simply raise the price of our product because this move will raise our total revenue. Question: What do you say in response to the proposal that price should be increased and that doing so will raise the revenue of the firm? (This is your chance to impress dad and blow your rival away. Do not mess up.) Explain your analysis fully making use of your confirmed estimate is that Ed=1.4 on the firms product. Show less
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