Use the Graph Shown to Answer the Following Questions

question 576

Essay

Use the graph shown to answer the following questions. Put the correct letters) in the blank.
a. The elastic section of the graph is represented by section _______.
b. The inelastic section of the graph is represented by section _______.
c. The unit elastic section of the graph is represented by section .
d. The portion of the graph in which a decrease in price would cause total revenue to fall would be _________.
e. The portion of the graph in which a decrease in price would cause total revenue to rise would be _________.
f. The portion of the graph in which a decrease in price would not cause a change in total revenue would be _________.
g. The section of the graph in which total revenue would be at a maximum would be
_______.
h. The section of the graph in which elasticity is greater than 1 is .
i. The section of the graph in which elasticity is equal to 1 is .
j. The section of the graph in which elasticity is less than 1 is .

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Definitions:

Positioning

The process of establishing and maintaining a certain perception of a product or brand in the minds of consumers, relative to competing brands.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, traditionally identified as product, price, place, and promotion.

Marketing Mix

A combination of factors that can be controlled by a company to influence consumers to purchase its products, typically summarized as product, price, place, and promotion.

Profitability Numbers

Financial metrics used to assess the degree to which a company generates profit from its operations.