Chapter 5

Give an example of sales based on price elasticities that you have seen or used.  Why do you think it worked (or didn't work)? 

An example of sales based on price elasticities that I have used, I think of my Epic Ski Pass. Before Vail Resorts created the Epic Pass, there was your basic pass that the price range was about $1500. and then there were Merchant Passes etc. I did not ski or purchase the pass. When they restructured the pass to the Epic Pass, I bought a pass and learned how to ski. When Vail created the ski pass good at all VR resorts including out of state and out of the country, and the price structure showed that the demand for the pass increased. The Epic Pass has made the opportunity to ski very accessible to almost everyone. There are many different passes you can purchase that suits your needs. Skiing is a luxury rather than a necessity. I think that Vail Resorts had a high measure of response to the restructuring of their Ski Pass opportunities. The sale of their passes increased their revenues, amount of skiers on the mountains, and stock value increased. 

What topic made the least sense to you in this chapter? What is wrong or complex about it?

I am still having a hard time understanding the formulas for computing the Price Elasticity of Demand, Calculating Percentage Changes and Elasticities. Demand Curve. I do not think that it is wrong, it is complex to me because I am more visual learner or maybe if I listened to a tutorial it would help. I am reading it, just not "sinking in"  Any suggestions on finding a tutorial or audio on this subject to help? Thank you!