TAILIEUCHUNG - Ebook Managerial economics - Theory and practice: Part 2

(BQ) Part 2 book "Managerial economics - Theory and practice" has contents: Market structure - Perfect competition and monopoly; market structure - monopolistic competition; market structure - duopoly and oligopoly, pricing practices, capital budgeting, introduction to game theory; market failure and government intervention,.and other contents. | 8 Market Structure: Perfect Competition and Monopoly One of the most important decisions made by a manager is how to price the firm’s product. If the firm is a profit maximizer, the price charged must be consistent with the realities of the market and economic environment within which the firm operates. Remember, price is determined through the interaction of supply and demand. A firm’s ability to influence the selling price of its product stems from its ability to influence the market supply and, to a lesser extent, on its ability to influence consumer demand, as, say, through advertising. One important element in the firm’s ability to influence the economic environment within which it operates is the nature and degree of competition. A firm operating in an industry with many competitors may have little control over the selling price of its product because its ability to influence overall industry output is limited. In this case, the manager will attempt to maximize the firm’s profit by minimizing the cost of production by employing the most efficient mix of productive resources. On the other hand, if the firm has the ability to significantly influence overall industry output, or if the firm faces a downward-sloping demand curve for its product, the manager will attempt to maximize profit by employing an efficient input mix and by selecting an optimal selling price. Definition: Market structure refers to the environment within which buyers and sellers interact. CHARACTERISTICS OF MARKET STRUCTURE There are, perhaps, as many ways to classify a firm’s competitive environment, or market structure, as there are industries. Consequently, no 313 314 Market Structure: Perfect Competition and Monopoly single economic theory is capable of providing a simple system of rules for optimal output pricing. It is possible, however, to categorize markets in terms of certain basic characteristics that can be useful as benchmarks for a more detailed analysis of optimal pricing behavior. These .

• Kinh tế học
• Contemporary advertising
• Managerial economics
• Market structure
• Perfect competition
• Market structure
• Monopolistic competition
• Market structure
• Pricing practice
• Government intervention
• Integrated marketing communications
• Advertising and IMC today
• The big picture
• Regulatory aspects
• Consumer behavior
• Digital media production
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• Relationship building
• Global marketing
• Lecture Global marketing
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• Diversity Perspectives
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• Contemporary Examples
• Opening Vignettes
• Marketing Communications
• Economic reasoning
• The production possibility model
• Using supply and demand
• Market failure versus government failure
• International trade policy
• Taxation
• Business
• economics
• finance
• mathematical demands
• economic theory
• quantitative finance
• mathematical economic
• Lecture Economics
• Public economics
• Economic growth
• Kinh tế học
• Price controls
• Lecture Economics for Managers
• Bài giảng Kinh tế học dành cho nhà quản lý
• Market failure
• Private goods
• Consumption decisions
• Basic microeconomics
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• Lecture Basic microeconomics
• International economic policy
• Carry trade
• Emerging markets
• Currency regime
• Currency intervention
• Currency option
• Health economics
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• Government regulation
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• Lecture Macroeconomics
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• Macroeconomic problems
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• Elasticity makes supply
• Essentials of Economics
• Lecture Essentials of Economics
• Laissez faire
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• Fundamentals of economics
• The world around you
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• The free market
• Profit maximization
• Economics and life
• Specialization and exchange
• Game theory
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• Decision making
• Behavioral economics
• The business cycle
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• Fiscal policy
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• Construction economics
• A new approach
• Markets for green buildings
• Environmental economics
• The business case
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• Introducing economics
• Background to demand
• Profit maximising under perfect competition
• Foundations of microeconomics
• Profit maximising under imperfect competition
• Applied microeconomics
• The national economy
• Climate smart agriculture
• Cost benefit analysis
• CSA practices
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• Stigma and discrimination
• Police harassment
• Service gap
• Blood borne disease
• Nepal Government
• market system
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• competitive market
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• Lecture Microeconomics
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• international trade
• Comparative advantage
• Exchange rates
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• Understanding economics
• The economics
• Competition policy in action