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(Solved): Explain the following concepts and provide at least one example for each of them: Price-elastic de ...


  1. Explain the following concepts and provide at least one example for each of them:
    1. Price-elastic demand
    2. Price-inelastic demand
    3. Cross elasticity of demand
    4. Fixed cost
    5. Variable cost
  2. Explain (with at least one example for each) the external influences that a firm needs to consider for their pricing decisions.
  3. Explain (with at least one example for each) the following pricing strategies:
    1. Two-part pricing
    2. Payment pricing
    3. Decoy pricing
    4. Price bundling
    5. Captive pricing


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a) Price-elastic demand : This is the responsiveness of buyer with respect to change in the price of the product.When a small change in price leads to a big change in quantity demanded , then it is said to be price elastic demand. Example - If the pr
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