Suppose a Fall from $110 to $90 in the Price

question 24

Multiple Choice

Suppose a fall from $110 to $90 in the price of playing golf on a public golf course results in an increase in the quantity of golf balls demanded (at the current price of golf balls) from 9,950 units to 10,050 units. The cross elasticity of demand of playing golf with respect to the price of golf balls is

• A)-0.05.
• B)-0.1.
• C)0.01.
• D)0.08.
• E)0.05.

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Definitions:

Objection Into Benefit

A sales strategy where a customer's concern or objection is turned into a positive aspect or advantage of the product or service.

Compensation Method

A system or approach used to determine how employees, especially sales personnel, are rewarded for their efforts and performances.

Return-On-Investment

A performance measure used to evaluate the efficiency or profitability of an investment, calculated by dividing the profit of an investment by its cost.

Trade-Off

A situation that involves losing one quality or aspect of something in return for gaining another quality or aspect.