Question

Suppose, you are a seller of some commodity state the important factors which can influence your decision in fixing the price of that commodity.

Answer 1

Answer:

#Pricing Objectives

#Product Cost

#Extent of Competition in the Market

#Customer's Demand and Utility

#Government and Legal Regulations

Explanation:

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Answer 2

Some of the important factors which influence the decision of a seller in fixing the price of a commodity are:

1. Cost of production- a seller fixes the market price of his commodity which is more than the per unit cost of production of a commodity. The difference between the per price unit and per unit cost of production of the commodity is the profit per unit. Thus, higher the difference between price and per-unit cost of production the greater the margin of profit. so per unit cost of production is of great importance in fixing the price of the commodity by a seller.

2. Price fixed by other sellers - while fixing the price of his commodity, the seller also considers the price of the commodity fixed by the other sellers of the similar commodity. If a seller fixes the price of his commodity which is much higher than the price fixed by other sellers of similar commodities, he may not be able to sell more quantity of the commodity. so to increase his sales he will have to decrease the price of his commodity to fix the price of his commodity

3. Expected sales at different prices- the price of the commodity fixed by him must be such that the total quantity of the commodity sold by him gives maximum total profit.

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