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HBS CORe Economics for Managers Module 1_ Foundation of Customer Demand, Review Questions and Answers 100% Pass | Graded A+ 2,93 €
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HBS CORe Economics for Managers Module 1_ Foundation of Customer Demand, Review Questions and Answers 100% Pass | Graded A+
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HBS CORe Economics for Managers Module 1_ Foundation of Customer Demand, Review Questions and Answers 100% Pass | Graded A+

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  • 20 de noviembre de 2024
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  • 2024/2025
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  • hbs core economics for managers module 1
  • foundation of customer demand
  • review questions and answers 100 pass graded a

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  • HBS Economics For Managers
  • HBS Economics For Managers

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HBS CORe Economics for Managers Module 1: Foundation of Custome
Demand

1. For firms to know if they are pricing well they neeed to compare to some-
thing: Why is a benchmark important?
2. The maximum price you are willing to pay: WTP (willingness to pay)
3. An irrational decision: What is a price above your WTP considered?
4. Not at all: Are price and WTP the same?
5. Start w/ your own WTP then see why exactly your WTP differs from others.-
: How to start comparing pricing to other firms
6. It means a WTP of at least a $1: Does a price of $1 mean a WTP of $1?
7. Things you can determine w/o asking (Age,Gender,Income, Education): Ex-
trinsic
8. Someones risk tolerance, passion (past behavior can help determine intrin-
sic factors): intrinsic
9. If no new shares are issued then they are equal: What is the relationship
determine Market Value of a company and WTP?
10. Revenue: What does the rectangle under the demand curve represent?
11. Factors: Income, Gender, Geography, Weather, Age, Service Levels, Brand,
Advertising, Competing Projects, Expectations: What are some factors the
'SHIFT' the demand curve?
12. price: What does not shift the demand curve?
13. It is downward sloping: Why does the individual demand curve look like?
14. The more you sell the harder it becomes to sell, this is why the demand
curve slopes downward; it also equates to max size a company can grow: What
is diminishing marginal returns?
15. It is a more flat demand curve: What does an elastic curve look like?
16. It is a more vertical demand curve: What does an inelastic curve look like?
17. Elastic: What kind of curve does luxury goods & items with close substitute
have?
18. Units! Whats why we elasticity: Why is the slope of a demand curve hard to
compare?
19. a measure of the sensitivity of demand to changes in price: What is price
elasticity of demand?
20. (Change in Qty/starting Qty) / (Change in price/starting price): What is the
elasticity equation?
21. In cost-plus pricing, yes, but normaly no.: Does cost have an effect on what
price you should charge?
22. Stop gaining customers to maximize profit, this happens when elasticity
is equal to 1.: What is the volume/profit trade off?
23. Raise $$$$: What does it make sense to do when your price point inelastic
24. Lower $$$$: What does it make sense to do when your price point is elastic?
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