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PRODUCT DIFFERENTIATION
Product differentiation describes a situation in which there is a single product being manufactured by several suppliers, and the product of each supplier is basically the same. However, the suppliers try to create differences between their own product and the products of their rivals. It can be achieved through quality of service, after sales service, delivery dates, performance, reliability, branding, packaging, advertising or in some cases the differences may be more in the minds of the customers rather than real differences, but a successful advertising can create a belief that a service or product is better than others and thus enable one firm to sell more and at higher price than its competitors.
LONG RUN EQUILIBRIUM FOR THE FIRM Since there is freedom of entry into the industry the surplus profits will attract new firms into the industry. As a result the supply of th
What is the meaning of demand In economics, demand has a specific meaning distinct from its ordinary usage. In common language we treat 'desire' and 'demand' as synonymously. T
APPROACHES TO MEASURING NATIONAL INCOME The compilation of national income statistics is a very laborious task. The total wealth of a nation has to be added up and there are
Measures to control inflation An inflationary situation can effectively be addressed/tackled if the cause is first and foremost identified. Governments have basically three
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
1.Is Indian companies running a risk by not giving attention to cost cutting?
The Economics of Population Population issues became matters of economic concern when it became increasingly apparent that the problem of excess population may be a serious ob
monopoly
factors influencing the demand for dove soap
Determine the Theory of Exchange and Price Theory Theory of Exchange is commonly called Price Theory. Price determination under various types of market conditions comes under
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