Will Bury’s Price Elasticity
April 22, 2013
Dr. Xiaodong Wu
In order to find your place in the business world, one has to try and create something that is different or can revolutionize the outlook of one that is or as already existed. Getting into the business enterprise is one that is not an easy task and it does take commitment, dedication, and the ability to be persistent for cause of proving that the venture is one worth the risk. By doing so, a business proposal has to be created and presented to prospective buyers and has to show how this venture is the one for the consumers and the necessity of the item. What the business proposal is a written proposal, which puts the buyers requirements in context that favors the seller’s products and or service and educates the buyer about the capabilities of the product. This paper will discuss Will Bury’s Elasticity along with increase revenue, profit maximizing quantity, marginal cost and marginal revenue, mix of pricing and non-pricing, barriers, product differentiation and minimize cost.
How To Increase Revenue
In order to increase revenue, the business has to be described as to show the importance of why it is necessary to increase revenue. Will Bury is an inventor who is convinced that everyone will soon be listening or reading everything digitally. The technology is available to transform printed words into audio, however there are copyright issues that exist.
To increase revenue, Will has to decided if his invention is elastic or inelastic and by doing so he has to perform the total revenue test. “The total revenue test is a means for determining whether demand is elastic or inelastic. If an increase in price causes an increase in total revenue, then demand can be said to be inelastic, since the increase in price does not have a large impact on quantity demanded. If an increase in price causes a decrease in total revenue, then