I write a summary of market structure and how it affects the pricing and output strategy on the monopolistic and oligopoly market based on Keat, P., and Phillip Young. 2008. Managerial Economics, 6th edition. Pearson (KY) e-book. Monopolistic competition and oligopoly are considered “imperfect” competition because the company in these markets have the power to […]
Market Structure Pricing and Output Decision
I write a summary of market structure and how it affects the pricing and output decision based on Keat, P., and Phillip Young. 2008. Managerial Economics, 6th edition. Pearson (KY) e-book. The firm needs to establish its price and output levels to achieve its business objective of profit maximization. The pricing and output decision can […]
DEMAND THEORY AND ELASTICITY
I write a summary about demand theory and elasticity based on Keat, P. and Phillip Young. 2008. Managerial Economics, 6th edition. Pearson (KY) e-book. Demand is one of the most important aspects of managerial economics on the firm since the business would not establish or survive if a sufficient demand for its product or service […]