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Once the Owner of a Cleaning Service Puts Together Information

question 70

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Once the owner of a cleaning service puts together information on pricing objectives, market demand, quantity supplied, and the price elasticity of demand, he will be ready to determine the optimal price for a new service offering.


Definitions:

Utility

The total satisfaction received from consuming a good or service.

Noncash Gifts

Contributions or presents given in forms other than cash or currency, including physical goods, services, or other intangible assets.

Diminishing Marginal Utility

This refers to the economic principle that as a person increases consumption of a product, there is a decline in the marginal benefit that person gains from consuming each additional unit of that product.

New Features

New features refer to additional or enhanced attributes introduced to a product or service to improve its functionality or appeal.

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