A Customer Purchased 3 Items at $4

question 41

Short Answer

A customer purchased 3 items at $4.75 each and gave the clerk a twenty-dollar bill. How much change should the customer have received?

Analyze the impact of cost considerations on price setting.

Understand the concept of price elasticity and its calculation.

Recognize the role of psychological pricing in consumer perception.

Understand the dynamics of price in different stages of product life cycle and market structures.

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Definitions:

Social Desirability

The tendency of respondents to answer questions in a manner that will be viewed favorably by others, often leading to bias in survey responses.

Self-report Assessments

Evaluations or surveys in which individuals provide subjective reports on their own conditions, behaviors, or attitudes.

Big Five Personality Inventory

A psychological assessment tool that measures an individual's personality across five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Personality

Personality encompasses the unique and consistent patterns of thinking, feeling, and behaving that characterize an individual.