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MGT 103 Quiz 3 (Ch.13-16) Questions and Answers $10.49
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MGT 103 Quiz 3 (Ch.13-16) Questions and Answers
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importance of price to marketers - Answer-only variable that can be changed quickly; related to total revenue and profit price - Answer-the assignment of value, or the amount the consumer must exchange to receive the offering profit formula - Answer-total revenue - total costs OR (price x qua...

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  • October 23, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 quiz 3 ch13 16 questions and answers
  • importance of price to marketers answer only var

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MGT 103 Quiz 3 (Ch.13-16) Questions
and Answers
importance of price to marketers - Answer-only variable that can be changed quickly;
related to total revenue and profit

price - Answer-the assignment of value, or the amount the consumer must exchange to
receive the offering

profit formula - Answer-total revenue - total costs OR (price x quantity sold) - total costs

understanding demand - Answer-for most products, there is an inverse relationship
between price and demand

inelastic demand - Answer-a change in price results in a little or no change in quantity
demanded

elastic demand - Answer-a change in price causes a great (opposite) change in quantity
demanded

types of costs - Answer-fixed costs and variable costs

fixed costs - Answer-expenses that do not vary as a function of output volume (even if
no production activity, these remain); rent, mortgage payment, insurance, computers,
salary of full-time workers, advertising

variable costs - Answer-expenses that fluctuate in direct proportion to the output volume
of units produced; cost of raw materials, credit card fees, piece rate labor, sales
commissions, delivery expenses

break-even point - Answer-the point at which the costs of producing a product equal the
revenue made from selling the product

breakeven point (quantity) formula - Answer-fixed costs/per-unit contribution to fixed
costs (price-variable costs)

contribution unit margin - Answer-price - variable costs

contribution margin - Answer-difference between total revenue and total variable costs

importance of price depends on... - Answer-type of product, type of target market,
purchase situation

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