Howard Industries is a computer manufacturer located in Laurel, MS. This company is interested in expanding internationally. Which of the following is a cultural factor that affects consumer behavior and marketing strategy that Howard Industries needs to be aware of _________________.a) Nonverbal communications
b) Natural resources
c) Economic conditions
d) Exchange rates
e) All of the above

Answers

Answer 1
Answer:

Answer:

The correct answer is a) Nonverbal communications.

Explanation:

Nonverbal communication is a communication process in which there is a sending and receiving of messages without words, that is, by means of signs, gestures and signs. It has no syntactic structure, so it is not possible to analyze sequences of hierarchical constituents. The messages can be communicated through kinesics (gestures, body language, posture, facial expression, eye contact, etc.) the language; the proxémica and the chronémica.


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As the price of tickets rises from $250 to $300, the price elasticity of demand for business travelers is , and the price elasticity of demand for vacationers is , using the midpoint method. Therefore, the demand for airline tickets in this price range is elastic for vacationers because business travelers are sensitive to changes in price.

Answers

Answer:

Price             Quantity demanded                   Quantity demanded

                     business travelers                      vacationers

$150                 2,100                                            1,000

$200                2,000                                             800

$250                1,900                                              600

$300                1,800                                              400

using the midpoint method:

  • price elasticity of demand for business travelers = {(1,900 - 1,800) / [(1,900 + 1,800) / 2]} / {(250 - 300) / [(250 + 300) / 2]} = (100 / 1,850) / (-50 / 275) = 0.054 / -0.182 = -0.3

  • price elasticity of demand for vacationers = {(600 - 400) / [(600 + 400) / 2]} / {(250 - 300) / [(250 + 300) / 2]} = (200 / 500) / (-50 / 275) = 0.6 / -0.182 = -3.3

Therefore, the demand for airline tickets in this price range is elastic for vacationers because business travelers are sensitive to changes in price? FALSE, the demand for airline tickets for vacationers is elastic because vacationers are very sensitive to the changes in price, while business travelers aren't.

Final answer:

The price elasticity of demand measures responsiveness to price changes. Vacationers have elastic demand for airline tickets, while the elasticity of demand for business travelers is not mentioned. Business travelers are sensitive to changes in price.

Explanation:

The price elasticity of demand measures how responsive the quantity demanded is to changes in price. If the price elasticity of demand is greater than 1, it indicates that the demand is elastic and consumers are sensitive to price changes. If the price elasticity of demand is less than 1, it indicates that the demand is inelastic and consumers are less sensitive to price changes.

In this case, since the demand for airline tickets is elastic for vacationers, a price increase from $250 to $300 would result in a larger percentage decrease in the quantity demanded. On the other hand, the demand for airline tickets is not mentioned for business travelers, so we cannot determine its elasticity. However, the statement suggests that business travelers are sensitive to changes in price.

Learn more about Price Elasticity of Demand here:

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