Question

47. When the price of a product is very small relative to purchasing pow oduct is very small relative to purchasing power or income, demand a. Elastic b. Inelastic c. Absolute d Unitary e. Stable 48. All of the following are examples of secondary data EXCEPT: & a first-time physical count of the number of cars passing through an intersection to determine the need for a traffic signal b. a census report on the number of people who are native to a community c. any product testing results made available to the media d. a collection of trade journal articles about the future of a particular industry e. a newspaper story describing the lifestyle of the average Internet user 49. When a university began thinking about offering more part-time degrees, it used primary dat potential students' attitudes and intentions What is the most likely reason for using primary cau 2. This information was already freely available to all interested parties. b. The value of the research is unrelated to sample size. c. The information can be collected quickly and at low cost. d. The information will fit the university's needs exactly since it will be collected specifically for this study. e. It will benchmark consumers' interest in grading equipment. 50. All of the following are categories of adopters in the diffusion of innovation process EXCEP a. Laggards b. Innovators c. Early majority d. Early adopters e. Doubters 51. Products that are necessities tend to have a inelastic demand. b. elastic demand. c. unitary elasticity of demand. d. yield management demand. e marginal cost demand. 52. When demand is highly inelastic, reducing prices would tend to lead to a Unitary revenue b. Yield management revenue C. Increased revenue d. Decreased revenue e. Marginal revenue

Answer 1

47.b Inealstic

Goods which cost a small portion of the consumers budget have an Inealstic price elasticity of demand.

48. a. First time physical count of the number of cars passing through intersection to determine the need for a traffic signal.

The information is first hand collected by the surveyor . Information indirectly collected is secondary data.

49.d. the information will fit the universities need exactly since it would be collected specifically for this study.

Primary data is more accurate and resource consuming then secondary data.

50. e. Doubters

Doubters are not part in the diffusion of innovation process.

51. a. Inelastic demand

Inelastic demand means the responsiveness to price change is very low. Products which are necessities even when price rises the demand doesn't fall.

52.b. yield management revenue.

It it is a process by which sellers increase the price of one good Antichrist the price of other good so that the total revenue remains same.

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