Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Customer Analysis: This part of the task requires carrying out interviews with a minimum of ten customers of the company. The objective is to Summarize

Customer Analysis: This part of the task requires carrying out interviews with a minimum of ten customers of the company. The objective is to Summarize the key points from the interviews Assess the strength/weakness of the firm based on the power of its buyers. Use the determinants of elasticity to determine whether the demand for the company's product/service is elastic or inelastic. Explain how price changes could potentially impact the company's revenue. explain how changes in the prices and changes in income would affect the consumer budget constraint and choice of goods. Interview Questions a) What is your age? b) What is your gender? c) How often do you purchase the company's produce (daily, weekly, monthly etc.)? d) What is your average dollar spending at the company? e) What is the maximum price you are willing to pay for the product/service you purchase from the company? f) If the price of the product increase by 20% by what percentage would you adjust the quantity you purchase

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Authors: Michael Parkin

10th Edition

013485330X, 978-0134853307

Students also viewed these Economics questions