Products, Services and Prices in the Free Markey Economy: British Petroleum (Bp)

Assignment: Products, Services and Prices in the Free Markey Economy: British crude oil (BP) Products, Services, and Prices in the Free Market Economy fag that one of the team members brasss, or an organization with which the team is familiar, has to make a decision related to change magnitude or decreasing the price of a good or service that it sells. Given that the ultimate objective is to increase the follows revenue, how would you use price push all over of demand to chance whether to increase or decrease the price? In a 700-1,050-word APA-formatted paper, justify your conclusion. Now think about the concept of income elasticity of demand. If the incomes of the customers for this good or service were to increase by 10%, would you expect the demand for it to increase by more than, less(prenominal) than, or about 10%? Why? British Petroleum (BP) is one of the largest vertically integrated oil and gas companies in the world. The companys operations include the exploration and fruit of gas and crude oil, construction and mining, manufacturing and transportation (Marketline database, BP PLC).

It also has a network of subsidiaries engaged in the chemicals, power and renewable power sectors such as solar, wind and hydrogen power and is the largest manufactory of photovoltaic modules (Plunkett Research Ltd., BP PLC). The Company has operations spread over six continents in about 100 countries. It is headquartered in London, coupled Kingdom (Marketline database, BP PLC). On Petroleum products alone, especially during the past a few(prenominal) years, price elasticity was used during hurricane seasons, tsunami tragedies, war on terror and other events that effected refinery production. During 2005, the price of crude oil climb on to levels that only two or three years ago would not have seemed at all alike. As a result and coupled with a sound operational execution implementing long term strategy, the group produced record results. The Company put down revenues of $249,465... If you want to get a full essay, order it on our website: Orderessay

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