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5.01 notes

What is price? That is which is given up in exchange to acquire a good or service
What is revenue? The price charged to customers multiplied by the number of units sold
What is profit? Revenue minus expenses
What are trends that influence price? Flood of new products, increased availibility of bargain-priced private and generic brands, and cutting prices.
What is profit maximization? Setting prices to that total revenue is as large as possible relative to total costs
What is market share? A company's product sales as a percentage of total sales for that industry
What is sales maximization? A short-term objective to maximize sales
What is status quo pricing objectives? Maintaining existing prices
What is demand? The quantity of a product that will be sold i the market at various prices for a specified period
What is supply? The quantity of a product that will be offereed to the market by a supplier at various prices for a specific period.
What is price equilibrium? The price a which demand and supply are equal
What is elastic demand? When consumers by more or less of a product when the price changes
What is inelastic demand? An increase or decrease in price will not significantly affect demand
What is unitary elasticity? An increase in sales exactly offsets a decrease in prices and revenue is unchanged
Created by: marleyspence