Daisy Marie F.

Cantillo
BSBA 3H

Is the Right Price a Fair Price?

A fair price or a reasonable price is not necessarily the best price, in my opinion.
Any product's price is determined and established by the producer; it is optional.
that a fair price is always established by the producer. The business that
manufactures the goods does so with the intention of pleasing its customers and
turning a profit. The markup price, which is the cost plus profit margin, increases
as a result. Although this high price may be appropriate for the business, the buyer
may not necessarily feel that it is justifiable. The earlier question's bottle costs $2.
Running shoes are an essential necessity, hence they cost $150. Considering that it
is a public good and a $500 concert ticket costs $500 That is a pricey product.
Pricing is determined by the type of commodity as together with the cost of
production. Price must reflect the worth of the item. Customers are the most
important component, hence consumers are willing to pay satisfaction. If the
product benefits the customer in some way, the price will be justified. It is fair. The
customer will not purchase anything if the prices are set too high.
The producer will forfeit revenue and sales. The cost of the item will be justified if
it serves the consumer in some way. It is just. If the prices are set too high, the
customer will not buy anything. Profit and sales will be lost for the producer. In
order to do this, the producer should consider client expectations when determining
the product's price, yet including the price of production.