Managers at the Ridgeway Corporation produce a medical device that they sell in Japan Europe and t Show more Managers at the Ridgeway Corporation produce a medical device that they sell in Japan Europe and the United States.
Managers at the Ridgeway Corporation produce a medical device that they sell in Japan Europe and t Show more Managers at the Ridgeway Corporation produce a medical device that they sell in Japan Europe and the United States.
Transportation costs are a negligible proportion of the products total costs. The price elasticity of demand for the product is -4.0 in Japan -2.0 in the US and -1.33 in Europe. Because of legal limitations this medical device once sold to a customer in one country cannot be resold to a buyer in another country. (a) The firms vice president for marketing circulates a memo recommending that the price of the device be $1000 in Japan $2000 in the US and $3000 in Europe. Comment on his recommendations. (b) His recommendations are accepted. Sales managers send reports to corporate headquarters saying that the quantity of devices being sold in the US is lower than expected. Comment on their reports. (c) After considerable argument the US sales manager agrees to lower the price in the US to $1500. Is this a wise decision? Why or why not? (d) Can you be sure that managers are maximizing profit? Why or why not? Show less
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