Question 1 identify the two types of costs that make up a, Ask an Expert

Management Studies

Question: 1. Identify the two types of costs that make up a product's total cost. A product's total cost is composed of total variable costs and total fixed costs.

2. What are the determinants of elasticity? The degree of consumer responsiveness to price changes-elasticity-is affected by such factors as

(1) availability of substitute or complementary goods,

(2) the classification of a good or service as a luxury or a necessity,

(3) the portion of a person's budget spent on an item, and

(4) the time perspective.

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Management Theories, Management Studies

Category:- Management Theories
Reference No.:- M92268716

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