Please, write a discussion post about the Topic/Statement attached(200 words) and respond to the two...

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Please, write a discussion post about the Topic/Statement attached(200 words) and respond to the two classmate discussion posts(150 words each).The topics discussed in Chapter 4 and 5 of the book are very general and are related to the demand, elasticity of demand and the factors that affect demand. See more specific instructions in the file attached. Thanks!

Akash · Accepted Answer

ECONOMICS
Table of Contents
Discussion Post	3
Responses to Classmates’ Posts	3
Discussion 1 of Robert McCann	3
Discussion 2 of Morgan Dyer	4
References	5
Discussion Post
The revenues and profit system of an organization is based on the way it prices its products or services. Therefore, it is not a decision of a minute or a moment when it comes to raising or lowering the prices of their products and services. As supported by Faith and Agwu (2018), it requires careful consideration of a number of factors that determine not only the pricing of any product but also the customer buying decision that may be associated with it, before and after the prices are changed. 
One such factor is demand in the market that is if the demand is high then whatsoever be the price of the product, it would be sold. Second is the cost of manufacturing. In case of companies that manufacture their own product line, manufacturing costs elevation forces them to increase their end products’ prices. Nevertheless, as argued by Prajogo (2016), if they outsource their products, then prices increased on suppliers’ end also force them to increase the prices when the products reach market. 
Lastly, depending upon demand elasticity,

Please, write a discussion post about the Topic/Statement attached(200 words) and respond to the two classmate discussion posts(150 words each). The topics discussed in Chapter 4 and 5 of the book are...

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