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P1 Unit 2 Essay

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Recommended: Arguments for and against the concept of corporate social responsibility

Unit II Essay
Pricing is the utmost important aspect of businesses. It can either break a company or help it prosper. Additionally, customers enjoy and look forward towards better pricing to get the best cost and the quality of the item desired. In this essay, topics related to pricing, trade and decision making will be discussed such as elasticity, marginal analysis in relation to pricing, opportunity costs, and improvement of business decisions.

Elasticity
Price elasticity is important for businesses in order to forecast how the market reacts to price changes. Measuring price changes will be required to observe consumer consumption patterns. Elasticity and inelasticity impact dynamic price strategies for the product and price change sensitivity. …show more content…

Price changes are another consideration to observe consumer behavior regarding elasticity and its demand of the product to set its supply. Also, companies need to take account opportunity costs in everyday decisions and ways to improve their decision making to benefit not just the company but overall consumers as well.

References
Carroll, A. B. (2015). Corporate social responsibility: The center piece of competing and complementary frameworks. Elsevier, 44, 87-96. Retrieved from http://dx.doi.org/10.1016/j.orgdyn.2015.02.200 Carroll, A. B., & Shabana, K. M. (2010). The Business Case for Corporate Social
Responsibility: A Review of Concepts, Research and Practice.
International Journal of Management Reviews, 12 (1), 85-105. doi:10.1111/j.1468-2370.2009.00275.x

Chan, L. Y. (2014). Corporate Social Responsibility of Multinational Corporations.
Global Honors Theses, 18. Retrieved from https://digitalcommons.tacoma.uw.edu/cgi/viewcontent.cgi?article=1018&context=gh_theses

Froeb, L. M., McCann, B. T., Shor, M., & Ward, M. R. (2018).
Managerial economics (5th ed.). Cengage Learning.

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