The Following Information Pertains to Four Different Products Being Sold

question 4

Multiple Choice

The following information pertains to four different products being sold by Andy Company: $\begin{array}{ccccc}\text { Product }& \text { Old Price } &\text { New Price } & \text { Old Quantity } & \text { New Quantity }\\\hline\text { A } & \$ 10.00 & \$ 11.00 & 2,000 & 1,900 \\\text { B } & 20.00 & 18.00 & 4,000 & 4,600 \\\text { C } & 30.00 & 33.00 & 6,000 & 5,500 \\\text { D } & \$ 40.00 & \$ 38.00 & 8,000 & 10,000\end{array}$
Which product has an inelastic demand curve?

• A)Product A
• B)Product B
• C)Product C
• D)Product D

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Definitions:

Insourcing

Bringing previously outsourced operations back in-house, to gain better control over processes and potentially reduce costs.

Subcontracts

Contracts awarded by a primary contractor to a third party for completing part of the work required in a main contract.

Construction Procurement

The process of acquiring labor, materials, equipment, and services necessary for the construction of a new building or infrastructure.

Make or Buy

A decision-making process involving an analysis on whether to produce a product in-house or to purchase it from an external supplier.