Question: Please briefly explain with examples. 1. Why are economic models seldom used for day-to-day pricing decisions? 2. Identify three reasons that cost-based approaches to pricing

Please briefly explain with examples.

1. Why are economic models seldom used for day-to-day pricing decisions?

2. Identify three reasons that cost-based approaches to pricing have traditionally been important.

3. Identify four drawbacks to cost-based pricing

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