1a. A tax is a deduction from your taxable income. It is deducted from your total income once it (total income) crosses a certain bracket for the year. Taxes are mandatory, and if not paid, can have legal ramifications. In Trinidad and Tobago there are many different types of taxes that the individual or corporation pay to the government, such as income tax which is deducted from individual’s whose gross salaries per annum exceeds a total of $72,000.00 TTD. There is also value added tax (VAT) which is 12.5% of the value of a good that is then added to that good before the consumer purchases. There is also property tax which is determined on the rental value of said property. There are also customs tax, and sales tax just to name a few more.
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Price discrimination in the monopoly market refers to a single entity that has changing prices. These changing prices are not associated with the actual cost of the product or service, also the price changes based on the consumers that are paying for the same goods or services. In order for price discrimination to take place some conditions must be in place, which are; the market must already have some sort of imperfection, this makes it easier for producers and wholesalers and retailers to monopolize prices. Also, there is the separate market aspect, whereby the seller must have different markets to cater to different individuals in order to discriminate prices, and the byers cannot move to other market. Also, there must be no contact between buyers of different markets in order for price discrimination to be efficient. Finally, depending on the demand of the markets, prices would differ. Markets with high demands, would have lower prices and markets with low demands would have high …show more content…
(I) Non-price competition refers to company’s non willingness to lower their prices, but rather promoting the quality of their products through ads, in order to distinguish its product from others.
(II) Collusion refers to an agreement done in secret by two or more parties, in order for gain or in an attempt to unfairly raise prices on goods or services to unfairly take advantage of the market.
(III) non-collusion refers to a declaration by an individual or company that states that they have not conspired with any other party to take advantage of the market and unfairly acquire gains.
(IV) price leadership is when a leading individual or company sets a price on a good or service and it is then adopted by other individuals or companies within that same market.
2d. economic growth can be measured by means of looking at a country’s Gross Domestic Product, which is to say, a country’s final production, also exports because they are produced in the country. GD can be measured in the following
Price discrimination in the monopoly market refers to a single entity that has changing prices. These changing prices are not associated with the actual cost of the product or service, also the price changes based on the consumers that are paying for the same goods or services. In order for price discrimination to take place some conditions must be in place, which are; the market must already have some sort of imperfection, this makes it easier for producers and wholesalers and retailers to monopolize prices. Also, there is the separate market aspect, whereby the seller must have different markets to cater to different individuals in order to discriminate prices, and the byers cannot move to other market. Also, there must be no contact between buyers of different markets in order for price discrimination to be efficient. Finally, depending on the demand of the markets, prices would differ. Markets with high demands, would have lower prices and markets with low demands would have high …show more content…
(I) Non-price competition refers to company’s non willingness to lower their prices, but rather promoting the quality of their products through ads, in order to distinguish its product from others.
(II) Collusion refers to an agreement done in secret by two or more parties, in order for gain or in an attempt to unfairly raise prices on goods or services to unfairly take advantage of the market.
(III) non-collusion refers to a declaration by an individual or company that states that they have not conspired with any other party to take advantage of the market and unfairly acquire gains.
(IV) price leadership is when a leading individual or company sets a price on a good or service and it is then adopted by other individuals or companies within that same market.
2d. economic growth can be measured by means of looking at a country’s Gross Domestic Product, which is to say, a country’s final production, also exports because they are produced in the country. GD can be measured in the following