Pricing concept

Review what you learned in Lesson 9 about price including content from your textbook and online course material. Note: Be sure to incorporate insights you gained from the Practice Marketing demo - Price. You are also encouraged to conduct independent research to enrich your own learning. Please remember to cite your work properly.

1. Define price.
2. Identify and distinguish the different pricing approaches.
3. Describe the specific pricing policies that firms can use to reach the objectives.
4. Explain the concepts of supply and demand and elasticity.
5. Explain the role of costs in pricing decisions and describe how combinations of price, fixed cost, and unit variable cost affect a firm's break-even point.