Paint

Price of Paint

By: Victoria Cates-Jackson

AIU

Abstract

Pricing of any product gives individuals the chance to purchase the sale item at a reasonable cost within a particular market. Certain high market items like paint generate cost by name, consumption, and compatibility. In this scenario on the change in price and demand, this paper will elaborate on how the current pricing will increase over a period despite if the consumers business does well or not. In understanding this format calculations and the description of knowing if this product is inelastic or elasticity will help broaden the manufactured goods in question.

Price of Paint

In every economical environment, prices change because of the need for a particular supply. These changes come as time flows from one-time of year to the next. This example demonstrates how price elasticity is in such a higher demand. As businesses prepare for price changes, marketers use tools to help understand the effects of gains, revenue, and losses within each department. For instance, if a business receives a product and the amount is higher than expected consumers may lose interest and consider eyeing another creation instead. This type of example can make businesses loose out in the end because of its high inventory of that one particular item.

Consumers are attracted to the cost, appearance, and dependability of products. If the price increases, shoppers may rethink other options before consuming the item in question. Other products may not change and these aspects may be led by either the high demand for the item among consumers in need. In the given scenario, a business owner has a productive item known as paint. This paint is priced for $3 a gallon and is purchased in a quantity of 35 gallons. Over a length of time, the painting business exceeds greatly, and the...