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7 July, 06:34

The local bakery makes such great cinnamon rolls that consumers do not respond much at all to a change in the price. If the owner is only interested in increasing revenue, she should]

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  1. 7 July, 08:02
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    The local bakery makes such great cinnamon rolls that consumers do not respond much at all to a change in the price. If the owner is only interested in increasing revenue, she should raise the price of the cinnamon rolls.

    Explanation:

    Price is the amount that we fix for a product in selling. The changes in the prices of any goods or services affects the demand and supply of that goods and services. Supply refers to the amount of product or service that is being available to the consumers and demand refers to the number of people who want a particular product or services.

    When the supply increases the price will get reduced and the demand will also increase. In the given scenario, the selling if cinnamon does not have any response in the customers regarding its price. Hence, when the owner wishes to generate revenue he can raise the price of the cinnamon rolls.
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