Microeconomics

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    Price discrimination Price discrimination is a pricing strategy whereby firms charge customers different prices for the same product or service that the offer. It is often that the seller charges each customer the maximum price that he or she is willing to pay. Such discrimination will allow a company to generate higher profits compared to standard pricing as it allows the firm to capture every last dollar of revenue available from each of its individual customers. (Anon., 2015) The Budget…

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    Thirlwall’s growth model: Thirlwall in his model argues that for true form of growth to exist the growth must be export oriented and there should be balance of payment equilibrium. As a starting point he takes the (Keynesian) demand-turned approach to know the major limitations on demand. He argues that instead of national income (output) being the sum of investment, consumption expenditure and exports, minus imports, it should be in growth perspective that national income growth be the weighted…

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    The neoclassical economic approach assumes that working time is perceived in terms of time allocation and related choices taken by a rational actor with regards to the consumption of time. Thereby, time is considered as a scarce resource, as a day is limited to 24 hours and therefore the main aim of the rational actors is to achieve a maximization of personal time utility (Sirianny & Negrey, 2000). This implies that the actors act in order to achieve their individual preferences and this…

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    Barilla Case Study

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    Q1. What are the reasons for the increase in variability in Barilla’s supply chain? Variability in supply chain arises due to variability in demand which can be attributed to the following: 1. Volume and Transportation discounts: A full truckload entitled the distributor to a 2-3% discount by Barilla. In addition, the sales reps could offer 4% discount on a purchase of minimum 3 truckloads. This may have wrongly incentivized the distributors to wait for longer durations and in turn reduced…

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    Economists have long been interested in the way that consumers behave. One of the main determinants of the consumer behaviour is the concept of utility. Economists define utility as the satisfaction someone gains from the consumption of a good or service. A person buys a product because it provides satisfaction. The more a person buys the greater the total utility he or she will receive. Total Utility (TU) is the total satisfaction gained from consuming a given number of goods. However, total…

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    Inferior Goods Case Study

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    Q2. What is an inferior good? If the price of an inferior good falls what can we say about the quantity consumed? Explain Definition Consumer’s demand for goods depend upon the level of income. Inferior goods are defined as goods for which quantity demanded decreases with an increase in consumer’s income and quantity demanded increases with a fall in consumer’s income. This happens when the goods have relatively expensive substitutes available whose demand increases when the consumer becomes…

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    Leontief Input-Input Model

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    Application to Leontief input-output model Introduction In order to understand and be able to manipulate the economy of a country or a region, one needs to come up with a certain model based on the various sectors of this economy. The Leontief model is an attempt in this direction. Based on the assumption that each industry in the economy has two types of demands: external demand (from outside the system) and internal demand (demand placed on one industry by another in the same…

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    3. What are the determinants of price elasticity of demand? [10] For some products buyers are price sensitive (products are elastic), and for some products buyers are not price sensitive (products are inelastic). People are very sensitive to one products price change if the product has a similar product in the market. But sometimes when the price of a motor bike increases by 15%, the consumers are affected by it, but on the other hand when price of salt increases by 20% people aren’t…

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    Dima Assessment Game Theory The Cournot model of oligopoly assumes that rival firms produce a homogenous product, and each attempts to maximize profits by choosing how much to produce. All firms choose output (quantity) simultaneously. The basic Cournot assumption is that each firm chooses its quantity, taking as given the quantity of its rivals. The resulting equilibrium is a Nash equilibrium in quantities, called a Cournot (Nash) equilibrium (OECD, Glossary of Statistical Terms,…

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    Describe the outcomes to equilibrium price and quantity when supply and demand curves shift when 1) supply is normal (elasticity = 1) and demand is elastic, 2) supply is normal (elasticity = 1) and demand is inelastic, 3) demand is normal (elasticity = -1) and supply is elastic, 4) demand is normal (elasticity = -1) and supply is inelastic, 5) demand and supply are both elastic, 6) demand and supply are both inelastic. In the competitive model the interaction between supply and demand is is…

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