ECO 561 Week 1 Discussion Questions
DQ 1 As a manager, you want to discover factors that can disrupt equilibrium in a market. You also need to determine what an organization can do to help restore equilibrium. Demand determinants are always changing and evolving. A manager can identify factors relevant to a particular good or service and understand what to do when those factors change. This understanding can help managers make better business decisions. Select a firm included in the S&P 500 stock index. Describe the good or service your chosen firm sells. List three demand determinants for that good or service. What has happened to those demand determinants over the past three years? How should the firm react to those changes in the demand determinants to maintain sales volume?
DQ 2 Your company wants to increase revenue and has asked you to work on a project to determine whether the demand for a product is elastic or inelastic. Search the Internet and identify one product sold by an organization. Identify whether the product is price elastic or inelastic. Recommend a pricing strategy to increase revenue. Justify your strategy and share your thoughts. Consider which factors make it price elastic or inelastic.
Related Study Guides
ECO 561 Week 2 Knowledge Check
ECO 561 Week 2 Knowledge Check 1 . Purely competitive firms increase total revenue by A. increasing ...read more
ECO 561 Week 1 Knowledge Check
ECO 561 Week 1 Knowledge Check 1 . Revenue increases when A. producer surplus increases B. producer surplus ...read more
ECO 561 Weeks 1-6 ALL Written Study Guides
ECO 561 Weeks 1-6 ALL Written Study Guides TUTORIAL: THIS COMPREHENSIVE TUTORIAL INCLUDES WEEKS 1-6 ALL ...read more
ECO 561 Week 3 Team Study Guide Milestone 1: Business Recommendations Based on Economic Projections
ECO 561 Week 3 Team Study Guide Milestone 1: Business Recommendations Based on Economic Projections TUTORIAL: ...read more