Explain the role of demand factor in pricing briefly
Explain the role of demand factor in pricing briefly.
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In the case of pricing of a product, demand plays a significant role. In several cases demand occupies a very important role than cost. A demand is the factor which finds out the sales and profit. We identify as per law of demand, demand and price have inverse association. To raise the demand, the firm has to reduce the price. Likewise to decrease the demand the firm has to raise the price. There elasticity of demand is to be considered with determining the price of the product. When the demand for the product is elastic, the firm can fix lower price. When the demand is inelastic then the firm can fix a higher price.
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Extra revenue by the extra output produced from an additional unit of a resource is the marginal resource: (1) profit to the firm. (2) revenue product. (3) iso-utility curve. (4) resource cost. (5) productive value. Discover Q & A Leading Solution Library Avail More Than 1440899 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1939901 Asked 3,689 Active Tutors 1440899 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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