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| dollar amount added to the cost of products to get the selling price |
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| same as markup but in percentage of total cost |
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| Number of times the average inventory is sold in one year |
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| the sum of those costs that are fixed in total-no matter how much is produced |
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| The sum of those changing expenses that are closeley related to output, expenses for parts, wages, packaging materials, outgoing freight, and sales commissions |
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| sum of total fixed cost and total variable costs. |
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| adding a target return to the cost of a product, has become popular in recent years |
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| Evaluates whether the firm will be able to break even. Cover all its costs witha particular price |
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| focuses on the changes in total revenue and total cost from selling one more unit to find the most profitable price and quantity |
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| is the change in total revenue that results from the sale of one more unit of a product |
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| the change in total cost that results from producing one more unit |
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| point where Marginal revenue equals marginal cost, the extra profit from one more unit is near 0$ |
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| means setting prices that will capture some of what customers will save by substituting the firm's product for the one currently being used. |
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| setting some very low prices to get customers into retail stores.(idea is to get customers into the store so they will buy other items along with the deal items) |
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| setting some very low prices to attract customers but trying to sell more expensive models or brands once the customer is in the store |
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| setting an acceptable final consumer price and woking backward to what a producer can charge. |
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| setting a rather high price to suggest high quality or high status |
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| setting one price for a set of products |
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| means offering a specific price for each possible job rather than setting a price that applies for all customers. |
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| price is set based on bargaining between buyer and seller |
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