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Advantages of Product Differentiation
We can distinguish between those advantages for the firm itself and those for the consumer:
a. For the firm.
i. The ability to increase prices without losing loyal consumers
ii. The stability of sales, due to brand loyalty. The firm will not be subject to the risks and uncertainties of intense price competition.
b. For the Customer
i. Consistent Product quality
ii. Wide consumer choice, between differentiated products.
The Market Demand Curve Quantity of a commodity that an individual is willing to buy at a particular price of the commodity during a specific time period, given his money incom
Economics contributes a great deal with towards the performance of managerial duties and responsibilities. Just as biology donates to the medical profession and physics of engineer
A promoter decides to rent an arena for concert. Arena seats 20,000. Rental fee is 10,000. (This is a fixed cost.) The arena owner gets concessions and parking and pays all other e
Income and Substitution Effects of Price Change When the price of a commodity falls the consumer's equilibrium changes. The consumer can purchase the same quantity of X and Y
Q 3. What is Demand Forecasting? Explain in brief various methods of forecasting demand.
Let Consider an economy with three states. The following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4). The t=0 prices of these stocks are give
ECONOMIC EFFECTS OF TAXATION a. A deterrent to work Heavy direct taxation, especially when closely linked to current earnings, can act as a serious check to production
Price Elasticity of Demand Is the responsiveness of the quantity demanded to changes in price; its co-efficient is Pe d = Proportionate change in quantity demanded
monopoly
factors affecting demand forecasting
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