Define price theroy concepts

Assignment Help Management Theories

Reference no: EM131459921

Question: List the practical problems involved in applying price theory concepts to actual pricing decisions. Three problems are present in using price theory in actual practice. First, many firms do not attempt to maximize profits, a basic assumption of price theory. Second, it is difficult to accurately estimate demand curves. Finally, inadequate training of managers and poor communication between economists and managers make it difficult to apply price theory in the real world.

Reference no: EM131459921

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