Illustrates the role of cost in pricing
Illustrates the role of cost in pricing?
Expert
Mainly of the wholesale and retail organizations add several percentage of profit or mark up total cost per unit to attain at selling price. In words of Hall and Hitch, business firms under the conditions of monopolistic competitive and oligopoly market do not find out price and output with the assist of the principle MC=MR. They find out price and output on the basis of full average cost of production. Cost of production comprises fixed and variable costs. Under the short run the firm may not cover the fixed cost but this should cover at least variable cost. Under long run all costs should be covered.
If the whole cost is not recovered, the firm will acquire losses, and the firm should stop their production. Therefore costs provide the basis for pricing. When the cost raises price also increases. Cost shows a resistance point for lowering of price that is below that pricing should not be completed. Cost also find out the profit margin at different level of output.
Explain the Simultaneous equation method of Demand Forecasting.
In 2007 year, relative to men along with comparable education and experience, working women earned average wages which were roughly: (w) 25%-35% of the average wages for men.. (x) 70%-80% of the average wages for men. (y) 80%-90% of the average wages
The model of purely competitive resource markets describes how: (1) U.S. income distribution patterns are determined. (2) wages are determined in the United States. (3) resource prices would be determined in efficient markets. (4) competition leads to
Along two supply curves which are straight lines by the origin, the price elasticity of supply as: (w) is below 1 for all prices and quantities upon both curves. (x) is less for a given quantity beside the steeper curve. (y) equals on
A firm's demand for labor would decrease when the: (1) price of the output rose. (2) labor supply curve shifted outward. (3) price of capital rose. (4) wage rate rose. (5) productivity of all workers fell. I need a
Assume that you require studying six hours per week to earn a ‘C’, nine hrs a week to earn a ‘B’, and 15 hrs per week to earn an ‘A’. This would mean: (i) Raising returns to hrs studied. (ii) Diminishing returns to hrs studied. (iii
Screening devices used while employers try to stop adverse selection through applicants for positions do not comprise: (1) reviewing résumés to identify applicants’ qualifications. (2) needing non-compete clauses which prevent new
Concavity (or bowed-out shapes) in production possibilities frontiers is described least fine by: (i) The law of diminishing returns. (ii) Resources being unevenly suited for various forms of production. (iii) Rising opportunity costs. (iv) Non-neutra
Illustrates the ways in managerial economics bridges between real business practices and traditional economic theory?
Illustrates the types of revenue?
18,76,764
1934920 Asked
3,689
Active Tutors
1424631
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!