Question

Tom is the brand manager of a major real estate company selling residential apartments in the...

Tom is the brand manager of a major real estate company selling residential apartments in the United Arab Emirates. Discuss at least three applications of his knowledge of price elasticity of demand that can influence the profitability of his brand.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Price elasticity of demand:if there is a percentage change in price then accordingly percentage change in demand is called as price elasticity.

Application and knowledge:

1)how change in price can lead to change in demand and attract investors in this sectors.

2) by using demand elasticity ,one can make decisions about selling real estate property at profitable price .

3) this is also helpful for manger to know about taxation policy of government according to change in price elasticity, and making future decision about selling and purchase of real estate property as cahnge in demand of real estate as taxation applied, because price elasticity of demand helpful for government to make taxation policy .

4) price elasticity of demand also helpful for manger to know about housing sector demand for property purchase.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
An agent for a residential real estate company in a large city has the business objective...
An agent for a residential real estate company in a large city has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward that goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent selects a sample of 25 apartments in a particular residential neighborhood and collects the following data: Size (square feet) Rent ($) 850, 1950 1450, 2600...
You are the manager of a small pharmaceutical company that received a patent on a new...
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($225 million last year) and a low marginal cost of producing the product ($0.70 per pill), your company has yet to show a profit from selling the drug. This is, in part, due to the fact that the company spent $1.3 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current...
You are the manager of a small pharmaceutical company that received a patent on a new...
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($150 million last year) and a low marginal cost of producing the product ($0.55 per pill), your company has yet to show a profit from selling the drug. This is, in part, due to the fact that the company spent $1.6 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current...
You are the manager of a small pharmaceutical company that received a patent on a new...
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($150 million last year) and a low marginal cost of producing the product ($0.50 per pill), your company has yet to show a profit from selling the drug. This is, in part, due to the fact that the company spent $1.7 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current...
1)A real estate agent is interested in determining factors that affect the mean selling price of...
1)A real estate agent is interested in determining factors that affect the mean selling price of a home. One factor she is considering is known as "lot configuration," which determines the position of the house within the neighborhood that it is built. The possible lot configurations are (don't worry about their precise definitions):        Inside:        Inside lot        Corner:       Corner lot        CulDSac     Cul-de-sac        FR2:           Frontage on 2 sides of property        FR3:           Frontage on 3 sides of property Suppose that she were to perform an ANOVA to examine...
Shine-Ola Premium Bulbs: the Pricing Decision Voll Taik, the marketing manager for a new lighting start-up...
Shine-Ola Premium Bulbs: the Pricing Decision Voll Taik, the marketing manager for a new lighting start-up was very interested in the concept of Value-Based pricing. He was wondering how he might apply the concept to a situation facing his company "Shine-Ola". The new product, "Shine-Ola Premium Bulb", was a LED (Light Emitting Diode) technology and was dramatically better than competing lighting solutions available on the market. Competing solutions included standard incandescent bulbs and compact fluorescent lighting, (CFL). Extensive laboratory testing...
Select one answer for each five QUESTION 2 1.     Products and brands in niche markets hope...
Select one answer for each five QUESTION 2 1.     Products and brands in niche markets hope to achieve profits through ________. medium pricing high promotability low margins lower demand high margins 1 points    QUESTION 3 1.     Refer to pg. 249 in your text. From a marketing management perspective, there are three main sets of brand equity drivers. Which of the three drivers was most applicable when McDonald’s decided to use the “golden arches” and Ronald McDonald as symbols of...
The Bonwire Kente Company Case Your friend, Kwame Nkrumah from Ghana knows that you are taking...
The Bonwire Kente Company Case Your friend, Kwame Nkrumah from Ghana knows that you are taking graduate classes and asks for your opinion on an issue he faces as owner/manager of the Bonwire Kente Company which he started 5 years ago with 20 employees. The Company has grown by leaps and bounds to the point where it now employs over five hundred persons and has become a nightmare to manage. The Company weaves the cotton it grows on its 4,000-...
CASE #1: COCA COLA The Coca-Cola company started 110 years ago as a small, insignificant one...
CASE #1: COCA COLA The Coca-Cola company started 110 years ago as a small, insignificant one man business. Since then, it has grown into one of the largest companies in the world. The first chairman of the company was Dr. John Pemberton and the current chairman is Muhtar Kent. The demand for this product has made this company into a 50 billion dollar business. Coca-Cola was invented by Dr. John Pemberton, an Atlanta pharmacist. He concocted the formula in a...
IKEA’s Global Strategy Walk into an IKEA store anywhere in the world, and you would recognize...
IKEA’s Global Strategy Walk into an IKEA store anywhere in the world, and you would recognize it instantly. Global strategy standardization is rampant! The warehouse-type stores all sell the same broad range of affordable home furnishings, kitchens, accessories, and food. Most of the products are instantly recognizable as IKEA merchandise, with their clean yet tasteful lines and functional design. With a heritage from Sweden (IKEA was founded in 1943 as a mail-order company, and the first store opened in Sweden...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT