Discuss both topics:
- Price elasticity of demand is an important tool for managers in in a selling environment in deciding what to put on sale. Discuss the relationship between price elasticity of demand and total revenue. Why is that you don’t see a “sale” on Luis Vuitton Ladies Bag?
- As a Manager, your goal is to maximize profit of your business. Assume you are in charge of managing your company’s costs – you are the Controller of Accounts and all purchases must be approved by you. With appropriate examples, illustrate how you and your Division will contribute to maximizing profit of your business.
Post your own discussions on both topics and contribute to at least one of your class mate’s discussions by the end of Saturday. Your own discussions of each topic should be at least 8 sentences long. For full credit, make sure to quote references obtained from the Internet and scholarly books and journals. Your textbook is your best resource but do not quote it as a reference.