The Following Four Months of Data Were Collected on Utility

question 217

Multiple Choice

The following four months of data were collected on utility cost and the number of labor hours in a factory.

- What would be the estimate of electricity cost if the factory incurred 4,700 labor hours next month?

• A) $9,400
• B) $20,260
• C) $23,140
• D) $19,560

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Definitions:

Odd Pricing Strategy

A pricing strategy where prices are set slightly below a round number, e.g., $19.99, to make products appear less expensive.

Standardization

The process of implementing and developing technical standards to maximize compatibility, efficiency, and quality among products and systems.

Differentiation

A marketing strategy where a company designs its products or services to be unique and attractive to a specific customer segment, setting it apart from competitors.

Marketing Strategy

A comprehensive plan formulated by businesses to achieve specific marketing objectives.