This is known as product pricing. Having a good product pricing strategy is essential to maintain a high profit margin‚ creating brand loyalty or superiority and remaining competitive. We will discuss the factors affecting product pricing‚ to see why it is so important for firms to take into different factors and variables when deciding their product price. Factors which affect the product pricing can be broken into two groups – internal factors and external factors. Internal factors are factors
Premium Supply and demand Pricing Microeconomics
This essay will look at efficiency between both a monopoly and a perfect competition‚ and whether a monopoly is necessarily less efficient than perfect competition. Using diagrams and equations reflecting the optimal choice of output‚ marginal revenue and marginal cost for monopolies‚ I will explain how efficiency is affected by low levels of production. At the same time monopolies can increase efficiency due to their ability in price discrimination‚ they price people differently and therefore
Premium Economics Monopoly
types of economies‚ the first being a market economy and the second being a command economy. Although there are many more types these are the most basic an important ones. In a market economy people and business give there own ways of doing things and answer the economic questions by themselves‚ the how‚ what‚ and for whom questions. In a command economy the central government is who makes up most of the answers to those types of questions. Which is the main reason why I believe a market economy is better
Premium
rate of 3.5% and has not experienced an economic downturn since 1990/91. This success is largely due to the significant microeconomic reforms in the 1980’s as well as the resources boom and high levels of consumer confidence have left the Australian economy in a strong position. Levels of economic following the prolonged period of growth in 2007/08 were at 3.8%‚ levels of growth‚ this fell to 1.6% during the 2008/09 financial year as a result of the Global financial crisis and the subsequent decrease
Premium Inflation Macroeconomics Monetary policy
is divided into three parts: The first section shall engage in a comparative review and analysis of the works of Jacob Viner (1948)‚ Alexander Hamilton (1791) and Friedrich List (1885 /1841) . The three works base generally on the concept of the economy but in particular they bear adequate intellect and authority on the issue of economic nationalism‚ the adoption of developmental policies and their application in the real world scenario of “economic warfare”. Viner’s writing is to an enormous degree
Free Economics Economy
THE INDIAN ECONOMY Structure 1 7.0 Objectives 17.1 Introduction 17.2 Features of the Indian Economy 17.3 Growth and Development 1 7.4 Mixed Economy 1 7.5 Demographic Transition 1 7.6 Sectoral Composition of GDP 1 7.7 Employment Structure 1 7.8 Inter-Governmental Fiscal Relations 17.9 Let Us Sum Up 17.10 Key Words 1 7.1 1 Answers to Check Your Progress Exercises - - 17.0 OBJECTIVES After going through this unit‚ you will be able to: identify the important features of the Indian economy; distinguish
Premium Economics Economy Gross domestic product
Assignment No. 3 (Fall 2007) Deadline Your assignment must be uploaded/submitted before or on November 17th‚ 2007. Uploading instructions Please view the assignment submission process document provided to you by the Virtual University to upload the assignment. Rules for Marking It should be clear that your assignment will not get any credit if: The assignment is submitted after due date; The submitted assignment does not compile or run; The assignment
Premium Quit India Movement Jawaharlal Nehru India
If states already exercise a monopoly over the legitimate use of force‚ why do they employ the tactics of terrorism? Introduction Max Weber‚ German sociologist who profoundly influenced social theory and political economy‚ contributed immensely to the notion of the state as a political organization‚ where he argues that the legitimate use of force successfully rests in the hands of its administrative staff. (Weber‚ 1922; cited in Holton & Turner‚ 1989). Many claim‚ however‚ that there is a
Premium Terrorism
command‚ and market economies. Some say‚ "Well‚ it would be much better if we switched from Market to Command." All in all‚ there are many advantages and disadvantages to this. A command economy limits the personal freedom and individuality of a person‚ and the central government answers all the economic questions offered. Laissez-faire is predominant in a market economy‚ which has little government interference. Although we would like to think that we live in a laissez-faire based economy‚ this is not
Premium
Reagan Economy vs. Obama Economy November 4‚ 2012 If there are any American Presidents who will go down in history‚ they should be Ronald Reagan (1981-1989) and Barrack Obama (2008 – Present). They both assumed office at a time when America’s economy was slumping. The American electorate voted them in office with the hope that they would recover the economy. Sure enough they did keep their promise to the American electorate‚ but still
Premium President of the United States Ronald Reagan Democratic Party