|Business Economics and the Distribution of Income | By the end of these course notes students are expected to have covered the following from the specification: • The range of market structures • How costs and revenues vary in different market structures • Changes in costs and revenues in different market structures The range of market structures |Type
Premium Economics Microeconomics Supply and demand
there is a threat of bird flu which is a deadly disease spreading among chickens‚ the demand for chickens will decrease and the demand curve will shift to the left as shown in the figure 1. As a result‚ the equilibrium market price will decrease from P1 to P2 and the equilibrium market quantity will decrease from Q1 to Q2 in the short run. Q.5.1 b) Figure 2: As the poultry in country X is perfectly competitive with the supply of chicken coming from both domestic firms and farms located
Premium Economics Supply and demand Microeconomics
Industries are classified into four different market structures. They are perfect competition‚ monopolistic competition‚ oligopoly and monopoly. Each of these has different characteristics regarding the number of firms involved to the type of product they make. Different methods and restrictions are used to maximize profits in all markets of the economy. Brand management and advertising are two tools that firms used to differentiate their products. The main objective of brand management is
Premium Economics Monopoly
Competition’ (4 marks) Monopoly A monopoly is a market structure in which a single company or individual owns all or nearly all of the market for a given type of product or service with no or close substitute. This would happen in the case that there is a barrier to entry into the industry that allows the single company to operate without competition (for example‚ vast economies of scale‚ barriers to entry‚ or governmental regulation). Such a firm is referred to as a monopolist. Monopolistic
Premium Monopoly Perfect competition Economics
ECONOMICS COMMENTARY Commentary number: 2 Title of extract: Govt begins work on 3 more compulsory licences Source of extract: Business Standard Date of extract: March 30‚ 2013 Word count: 750 words Date the commentary was written: 1/04/2013 The commentary relates: Candidate name: Sushmi Dey | New Delhi March 30‚ 2013 Govt begins work on 3 more compulsory licences DIPP wants foolproof case on anti-cancer drugs of Roche‚ Bristol-Myers The department
Free Royalties Patent Patent law
length of time which is not enough to change the level of fixed inputs or the number of firms in the industry but long enough to change the level of output by changing variable inputs. In short period‚ a distinction is made of two types of costs (i) fixed cost and (ii) variable cost. The fixed cost in the form of fixed factors i.e.‚ plant‚ machinery‚ building‚ etc. does not vary with the change in the output of the firm. If the firm is to increase or decrease its output‚ the change only takes
Premium Economics Marginal cost Costs
the Department of Justice and also made unfair and deceptive sales illegal. The above are all industrial regulation entities. Industrial regulation ensures pricing fairness throughout any industry according to a specific commodity. It can be put in place by the industry itself or the government as in the entities listed in the above paragraph. It exists to effect market structures and protects the market from firms that may seek to push other firms out of their industry by using unfair pricing practices
Premium Regulation Economics Monopoly
I. BACKGROUND – SECURITIES MARKETS AND REGULATION A. The Basics 1. Two types of securities transactions: a. Primary market transactions – issuer sells securities to marketplace b. Secondary market transaction – between two outside investors 2. How we protect consumers: a. Disclosure b. Process rule c. Bans d. Education e. Intermediaries ( profit-driven incentive to ensure quality 3. What is different
Premium
1. Introduction 1a. Article Summary In this article Michael Baker discusses the livelihood of small retailers in a market subjugated by the financially dominant oligopolies‚ Woolworths and Coles. While the small independent retailers in direct competition with Woolworths and Coles provide some competitive respite for consumers‚ as they encourage competitive pricing‚ albeit predatory pricing‚ it is clear that Woolworths and Coles control the supermarket industry in Australia‚ in the formation of a
Premium Oligopoly Monopoly Marketing
2009 Source: Msnbc‚ Business‚ Food Inc. NEW YORK - Feeling bad about the economy? Indulge a little‚ have a soda. Marketers at Coca-Cola Co. and PepsiCo Inc. are counting on that sentiment to appeal to consumers overwhelmed with a drumbeat of bad economic news. "What people want to do is pause and refresh‚" said Coca-Cola chief marketing officer Joe Tripodi. Pepsi‚ the world’s second-largest soft drink maker‚ launched a new marketing campaign at the beginning of the year‚ while No. 1 Coke launched
Premium Coca-Cola Soft drink Marketing