Kevin should decrease his prices toward the end of the season to avoid having unsold produce.
What is price?
The price of a product is the amount that customers are willing to spend. While also taking into account supply costs, seasonal discounts, competitor prices, and retail markup, marketers must connect the price to the product's actual and perceived value.
Consider the following,
Price per Pound (dollars) Quantity Sold (pounds)
1.00 ⇔ 5,700
2.00 ⇔ 4,100
3.00 ⇔ 2,300
Kevin has seen that demand increases when prices decrease.
Hence, Kevin should decrease his prices toward the end of the season to avoid having unsold produce.
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Complete question:
Kevin owns a fruit stand alongside a busy road. For several years, he has kept track of the number of apples that people purchase at different prices. He decides to graph the number of apples sold and the various prices at which he sold them. The graph shows his record of the number of apples sold at different prices.
Fill in the table with the number of apples Kevin sold at each price. Use the graph to estimate approximate quantities of apples.
What is the relationship between the price of apples and the demand for apples among Kevin’s customers?
Based on your answer to part B, should Kevin increase or decrease his prices toward the end of the season to avoid having unsold produce?
