**Retail Store Chain Strategies: Impact of the COVID-19 Pandemic**In 2020, during the COVID-19 pandemic, many retail store chains, including J.C. Penney, Abercrombie & Fitch, and L Brands, closed some of their stores. An article in the *Wall Street Journal* quoted a marketing analyst as recommending that rather than close stores, "A healthier approach would be to sell fewer items and charge more for them."**Source:** Suzanne Kapner, "Retail Chains Shed Stores, but It Isn't Good for Business," *Wall Street Journal*, November 16, 2020.### Key Question:a. Does the marketing analyst believe that the demand for the clothes these stores sell is price elastic or price inelastic?**Explanation:** The marketing analyst apparently believes that the demand for the clothes these stores sell is price [elastic/inelastic] (select the appropriate option from the dropdown).---This content provides an analysis of retail chain strategies during the pandemic and poses a question about pricing strategies based on demand elasticity.

Determining whether the marketing expert cited in the Wall Street Journal article thinks that the…

in 2020, during the Covid, 19 pandemic, many retail store chains, including enney, L Brands closed some of their stores. An article in the Wall Street Journal quoted a marketing analyst as recommending that rather than close stores, "A healthier approach would be to sell fewer items and charge more for them." Source: Suzanne Kapner, "Retail Chains Shed Stores, but It Isn't Good for Business," Wall Street Journal, November 16, 2020. a. Does the marketing analyst believe that the demand for the clothes these stores sell is price elastic or price inelastic? The marketing analyst apparently believes that the demand for the clothes these stores sell is price

in 2020, during the Covid, 19 pandemic, many retail store chains, including enney, L Brands closed some of their stores. An article in the Wall Street Journal quoted a marketing analyst as recommending that rather than close stores, "A healthier approach would be to sell fewer items and charge more for them." Source: Suzanne Kapner, "Retail Chains Shed Stores, but It Isn't Good for Business," Wall Street Journal, November 16, 2020. a. Does the marketing analyst believe that the demand for the clothes these stores sell is price elastic or price inelastic? The marketing analyst apparently believes that the demand for the clothes these stores sell is price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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