Introduction to price discrimination In our study of the theory of the firm we have assumed so far that a business charges a single price for its products‚ naturally the reality is different! Most businesses charge different prices to different groups of consumers for the same good or service. Businesses could make more money if they treated everyone as individuals and charged them the price they are willing to pay. But doing this involves a cost‚ so they have to find the right pricing strategy
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SECTORS OF ECONOMY The three-sector theory is an economictheory which divides economies into three sectors of activity: extraction of raw materials (primary)‚ manufacturing (secondary)‚ and services (tertiary). It was developed by Colin Clark and Jean Fourastié. According to the theory‚ the main focus of aneconomy’s activity shifts from the primary‚ through the secondary and finally to the tertiary sector. Fourastié saw the process as essentially positive‚ and in The Great Hope of the Twentieth
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...................................................xxiii Abbreviations and acronyms ......................................................................................................xxvi PART 1. THE CREATIVE ECONOMY Chapter 1. 1.1 Concept and context of the creative economy 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 1.1.6 1.1.7 1.1.8 1.1.9 1.1.10 1.1.11 1.1.12 1.1.13 3 Evolving concepts and definitions ........................................................................................3
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Demand 10. The long-run price elasticity of demand for a product is generally _________ the short-run elasticity for the same product. A. lower than B. equal to C. higher than D. not comparable to 11. Assume the demand function for skin care products is given by Q = 1‚000 – 20 P + 5I. If P=$25 and I=$1‚000 currently‚ then: A. skin care products are a normal good. B. the elasticity of demand is equal to 11. C. skin care products are inferior. D. The price is too high 12. If the demand
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inelastic demand function D. None of the statements associated with this question are correct 5. Transactions costs refer to A. Variable costs of labor B. Costs of exchange unrelated to production costs C. Fixed costs of capital D. Economies of scale 6. Economies of scale exist whenever long-run average costs A. Decrease as output is increased B. Remain constant as output is increased C. None of the statements associated with this question are correct D. Increase as output is increased 7
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Economy of Singapore Singapore enjoys a highly developed and successful free-market economy‚ a remarkably open and corruption-free business environment‚ stable prices and one of the highest per capita gross domestic products in the world. Exports‚ particularly in electronics and chemicals‚ and services provide the main source of revenue for the economy. Singapore is positioning itself as the region’s financial and high-tech center. Singapore’s economic strategy proved a success‚ producing real
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(b) Prepare a trading and Profit Loss A/C and a Balance Sheet with the help of imaginary figures. (10+10) 3. (a) A of Ahmedabad consigned goods to B of Mumbai for sale at proforma invoice price or above. B is entitled to a commission on sale at 5% on proforma invoice price and 25% of any surplus price realized. Goods consigned by A to B during the year 2012‚ costs A Rs. 20‚900 and invoiced at Rs. 28‚400. A paid Rs. 1‚045 as freight and received Rs. 15‚000 as advance from B. 80 per cent of
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Economy of China China’s economic growth has no historical precedent and it is often described by analysts as one of the greatest economic success stories in modern times‚ changing really quickly from one of the poorest countries in the world‚ at the end of the 70’s‚ to the second largest economy in the world‚ and according to predictions it could become the largest within the next five years or so. Actually‚ in the Premodern Era‚ China was one of the worlds’ economic and technological
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INTRODUCTION 1.1 BACKGROUND In every economy‚ there exist vast variety of activities some which undergo official recording and some other activities take place outside the officials. The later is the underground economy that refers to the economic activities that generate income but are hidden from official authorities in order to evade various taxes and remain unrecorded in official statistics (Yasmin and Rauf‚ 2004). The most common causes of underground economy are heavy tax burdens where economic
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* * Home * About Site * Content Quality Guidelines * * * * * * Suggest Us * Report Errors * Contact Us 1036 Words Essay on Indian Economy: Adopting New Approach By Dipti After independence‚ India chartered a path of economic development based on mixed economy‚ building a new industrial structure around the public sector and a closely monitored‚ regulated and controlled system where government played the role of licenser in the process of building
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