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18 November, 14:42

floataway tours managers think that silverbird is a popular boat type with the customers and they prefer to buy at least one Silverbird boat. How should the expected profit from a silverbird boat be increased so that the managers can justify buying this boat type?

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  1. 18 November, 16:31
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    Since the boat is already popular, the managers should try to apply law of demand on a high demand product.

    The lower the price, the higher the demand.

    the managers should decrease the price a little so to sell more quantity and have customers buy atleast two.

    Explanation:

    the lower the price, the higher the demand

    high demand tends to result in high prices if supply remains the same.
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