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The firm basis price in a Purchase Order (PO) refers to a fixed price agreed upon by both the buyer and seller for a specific product or service, which remains unchanged throughout the order's duration. This price provides certainty for budgeting and financial planning, as it protects both parties from fluctuations in market prices. It is often used in contracts to ensure that the buyer is not subject to unexpected cost increases.
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Assume that the price of elasticity demand is -2 for a certain firm's product If the firm raises price the firm's manager can expect total revenue to?
decrease
Why would a firm raise the price of a product after a producer determines that the demand for one of its products is inelastic?
The firm would raise the price because the firm's total revenues would probably increase.
If a perfectly competitive firm's price is above its average total cost the firm?
is earning a profit
Why the demand curve faced by a perfectly competitive firm is horizontal?
The firm at perfect competition faces more than one competitor. All the firms are price taker and they take the market price as given. If one firm wants to sell its output at a pricehigher than the market price, it will sell nothing as buyers will go to the firm offering lower market price. If one firm wants to sell its output at a lower price, it will take the whole market demand for it. At the market price, determined by interactions between sellers, the firms will sell whatever output it wants. So, the firms determine the price and each firm determines its output. So the demand curve will be horizontal.
Can a perfectly competitive firm set a price for its products that is above marginal cost?
A perfectly competitive firm would set its prices at a perfectly competitive price.
What is a firm estimate?
A firm estimate is an estimate where the buyer is not willing to negotiate the price of an item. When a seller is firm on the price, there is very little you can do.
Assume that the price of elasticity demand is -2 for a certain firm's product If the firm raises price the firm's manager can expect total revenue to?
decrease
What is price leadership by low cost firm?
Price leadership by low cost firm is what results when a firm determines the prices of services and goods within its sector.
Does a lawyer get paid by the law firm and by client?
A lawyer is paid by the law firm. He submits a bill to the client for his work. The client pays the firm. The firm pays the lawyer either based on a commission basis or on a flat fee. The firm retains much of the money to pay for overhead.
How can one determine the cost basis of old stock?
To determine the cost basis of old stock, you can calculate the original purchase price of the stock, including any fees or commissions paid at the time of purchase. This information can be found in your records or by contacting the brokerage firm where the stock was purchased.
Why would a firm raise the price of a product after a producer determines that the demand for one of its products is inelastic?
The firm would raise the price because the firm's total revenues would probably increase.
What are disadvantages to hiring a consulting firm?
price $$$
If a perfectly competitive firm's price is above its average total cost the firm?
is earning a profit
Why the demand curve faced by a perfectly competitive firm is horizontal?
The firm at perfect competition faces more than one competitor. All the firms are price taker and they take the market price as given. If one firm wants to sell its output at a pricehigher than the market price, it will sell nothing as buyers will go to the firm offering lower market price. If one firm wants to sell its output at a lower price, it will take the whole market demand for it. At the market price, determined by interactions between sellers, the firms will sell whatever output it wants. So, the firms determine the price and each firm determines its output. So the demand curve will be horizontal.
A good meaning for establish?
A good answer is set up on a firm or permanent basis.
Can a perfectly competitive firm set a price for its products that is above marginal cost?
A perfectly competitive firm would set its prices at a perfectly competitive price.
Why would a firm practice price discrimination?
price discrimination allows companies to defend
