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8RQ

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Horngren'S Financial And Managerial Accounting
Found in: Page 1406

Short Answer

What questions should managers answer when setting regular prices?

The managers must answer three major questions when setting regular prices: the company's target profit, the customer's ability to pay, and the perception of setting the price.

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Step by Step Solution

Step 1: The meaning of Manager

The term manager refers to a skilled individual who possesses knowledge of management and is appointed by an organization to manage its operations and human assets.

Step 2: The questions that should be answered while setting the regular prices  

The managers should answer the following questions while setting the regular prices:

  • What is the company's target profit?
  • How much will customers pay?
  • Is the company a price-taker or setter for this product/service?

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