What elements are consumers likely to consider when evaluating the purchase price of a product they...
What elements are consumers likely to consider when evaluating the purchase price of a product they want to own compared with the price of renting that product for a limited time?
Homework Answers
Consumers likely to consider the following features:
- usefulness of product beyond particular period of time,
- how much would be the difference between the price on buy the product and taking it for rent for a particular time period,
- product reselling power or capability,
- number of substitutes available for the same product
- Its unique feature of buying this product and converting it to their own.
- Durability or life span of the product
This charecteristics will help them to take a decision whether to buy or rent the product.
Add Answer to:
What elements are consumers likely to consider when evaluating
the purchase price of a product they...
Which of the following is not likely to affect the own price elasticity of a good?...
Which of the following is not likely to affect the own price elasticity of a good? Share of the good in consumer expenditures Time horizon of consumers Availability of substitutes Consumer income
A study was conducted to determine if consumers are more likely to choose a vice product...
A study was conducted to determine if consumers are more likely to choose a vice product (e.g., a candy bar) when their arm is flexed (as when carrying a shopping basket than when their arm is extended (as when pushing a shopping cart). The study measured choice scores (on a scale of 0 to 100, where higher scores indicate a greater preference for vice options) for consumer shopping under each of the two conditions. The average choice score for consumers...
9. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
9. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises. A good's price elasticity of demand depends in part on how necessary...
What would be the least likely test to run when evaluating a patient for iron deficiency...
What would be the least likely test to run when evaluating a patient for iron deficiency anemia? -serum ferritin -TIBC -serum methylmalonic acid -mean corpuscular volume
When a government imposes a price ceiling below the market price on a product or service,...
When a government imposes a price ceiling below the market price on a product or service, which of the following happens? a.Total consumer surplus rises because consumers now pay less for the product b.The total amount of the product or service that is traded in the market rises due to the lower price c.A shortage of supply relative to demand results A per unit tax on a good which is levied on the consumer will usually cause which of the...
Individual consumers are more likely to buy things impulsively than businesses and institutions because there are...
Individual consumers are more likely to buy things impulsively than businesses and institutions because there are less people involved in the decision making process and they are more likely to be influenced when making a purchase. At a business/institutional level there is likely more than one individual involved in the decision making process and whatever is purchased must be justifiable within the budget, overall needs of the company, etc. Businesses and institutions purchase mainly based on their needs, but an...
5. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
5. Determinants of the price elasticity of demand
Consider some determinants of the price elasticity of
demand:
• The availability of close substitutes
• Whether the good is a necessity or a luxury
• How broadly you define the market
• The time horizon being considered
A good with many close substitutes is likely to have relatively
__(Elastic, Inelastic)___ demand since consumers can easily choose
to purchase one of the close substitutes if the price of the good
rises.
A...
A monopoly causes a market failure when consumers cannot buy the item at a price they...
A monopoly causes a market failure when consumers cannot buy the item at a price they think is fair all consumers cannot have as much as they want consumers cannot buy the item and they think it is a right for them to have it consumers cannot buy the item, even though they will pay more than the marginal cost of the item
Can you me with; Designing an apple Watch Product All of you purchase products and services...
Can you me with; Designing an apple Watch Product All of you purchase products and services every day, ranging from necessities, such as food, clothing, and shelter, to discretionary items, such as soda, music, and education. And marketers develop many of these products and services with you specifically in mind—just look at the stores in and around campus that cater to you. Learning Objective. Define a target market and develop an apple watch product. Defining an apple watch Product....
Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes . Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises A good's price elasticity of demand depends in part on how necessary...
5. Determinants of the price elasticity of demand
Consider some determinants of the price elasticity of
demand:
• The availability of close substitutes
• Whether the good is a necessity or a luxury
• How broadly you define the market
• The time horizon being considered
A good with many close substitutes is likely to have relatively
__(Elastic, Inelastic)___ demand since consumers can easily choose
to purchase one of the close substitutes if the price of the good
rises.
A...
Most questions answered within 3 hours.
-
The three key cash-related activities of a firm are
operational activities, non-current activities and financing
activities....
asked 2 hours ago -
what statement accurately depicts the similarities in
requirements between payroll and human resources function
asked 3 hours ago -
Calculate the volume integral of the function T=z^2 over the
tetrahedron with corners (0,0,0), (1,0,0), (0,1,0),...
asked 5 hours ago -
I propose to you a game. You roll 2 dice. If the sum of the
numbers...
asked 6 hours ago -
Select the most likely lattice types for each of the following
salts: (a) BeF2; (b) CaO;...
asked 6 hours ago -
a
ball is thrown downward with velocity of 10m/s. calculate the final
velocity if it reaches...
asked 7 hours ago -
How many grams of ice at -15°C must be added to 705 grams of
water that...
asked 9 hours ago -
2. Balance sheet
The balance sheet provides a snapshot of the financial condition
of a company....
asked 9 hours ago -
In week 1 of the chemical equilibrium experiment, you and your
lab team will create a...
asked 9 hours ago -
Identify and describe five (5) characteristics of a good KM
measurement system. Be sure to include...
asked 9 hours ago -
What are at least five (5) workplace wellness best practices for
a successful wellness program? Explain...
asked 9 hours ago -
A pharmaceutical company is testing a new drug. Of the 110
people that received the drug,...
asked 10 hours ago