describe cost based and demand based method of pricing
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Cost-plus pricing is a pricing method used by companies to maximize their profits. The firms accomplish their objective of profit maximization by increasing their production until marginal revenue equals marginal cost, and then charging a price which is determined by the demand curve.
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Cost-based pricing is the practice of setting prices based on the cost of the goods or services being sold. ... A better approach is to adopt market-based pricing, where the firm sets its prices in accordance with the prices being charged by competitors for similar products and services.
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