Market Structures Market structure features that affect behaviour and performance of firms in an industry 4 defining characteristics: ◦ The size and number of buyers and sellers/firms in the industry ◦ The nature of the product – identical or differentiated ◦ Information structure (buyers – price and quantity and sellers – technology and input costs) ◦ Entry or Exit condition (barriers?) 7
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unable to meet foreign competition. c. A steel manufacturer cuts back on its purchases of coke and iron ore. d. A supermarket hires four additional clerks. Objective: Apply economic cost concepts in making business decisions. 13. A profit-maximizing firm will e. expand employment if marginal revenue product exceeds marginal resource cost f. reduce employment if marginal revenue product exceeds marginal resource cost g. expand employment if marginal revenue product equals marginal resource
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Mortgage Fraud Table of Contents Abstract 3 Mortgage Fraud 4 Mortgage Fraud Statistics 4 Reports of Fraud 5 Key players in a real estate & mortgage transaction 5-6 Factors for Mortgage Fraud 7 The Fraud Triangle 7 Common Mortgage Fraud Schemes 8 Who are victims of mortgage fraud? 9 How to avoid becoming a victim of Mortgage Fraud 10 How to report fraud 11 Mortgage Fraud Indictment 11-12
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“Pricing Techniques” Studied in- Mobile Industry Company- Nokia Background of the study: Pricing Techniques: are the methods adopted by a firm to set its selling price. It usually depends on the firm’s average costs‚ and on the customer’s perceived value of the product in comparison to his or her perceived value of the competing products. Different pricing methods place varying degree of emphasis on selection‚ estimation‚ and evaluation of costs‚ comparative analysis‚ and market
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(cooperative strategy) with Microsoft to differentiate itself (competitive strategy) from AMD‚ its primary competitor. Functional strategy: is the approach taken by a functional area to achieve corporate and business unit objectives and strategies by maximizing resource productivity. It is concerned with developing and nurturing a distinctive competence to provide a company or business unit with a competitive
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OLIGOPOLY Oligopoly is a market with a few sellers. Fewness means in this market number of firms is such that one firm’s action affects the other firms in the market. Hence whenever any firm makes any decision regarding price etc‚ it has to take into account the behavioural response of the other. This main feature of oligopoly is called interdependence. This interdependence brings forth the need for strategic decision making. Strategic decision making involves conjectural variation. Conjectural
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Jan 2011 Master of Business Administration-MBA Semester I Subject Code – MB0042 Subject Name – Managerial Economics Assignment Set- 1 Q1. Price elasticity of demand depends on various factors. Explain each factor with the help of an example. Answer. Elasticity of Demand: Earlier we have discussed the law of demand and its determinants. It tells us only the direction of change in price and quantity demanded. But it does not specify how much more is purchased when price falls or how much
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Perfect competition is a market structure characterized by a large number of buyers and sellers of essentially the same product. The firms produce a standardized product and there is a free entry and exit of these firms to and from the industry. The firm in a purely competitive market faces a perfectly elastic demand curve at the price determined by equilibrium in the market (Hirschey 379). The firm in a short-run supply curve is the short-run marginal cost curve above the minimum point on the average
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2 Meaning of Market and Market Structure Market in economics does not refer to a place or places but to a commodity and also to buyers and sellers of that commodity who are in competition with one another e.g.‚ the cotton market may not be confined to a particular place‚ but may cover the entire country and‚ in fact‚ even the entire world. Buyers and sellers of cotton may be spread all over the world. Market situation varies in their structure. Market structure refers to economically significant
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Name: __________________________ Date: _____________ ___ 1. A monopolistically competitive firm has a downward-sloping demand curve for its product‚ primarily because: A) there exist no barriers to entry or exit in the long run. B) there are many sellers in the industry. C) the firm sells a product distinct from products sold by competing firms. D) the price is greater than the marginal revenue. ___ 2. Which of the following is most likely to be observed when firms engage mainly in non-price competition
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