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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.
Q. Relation between average cost and marginal cost? Relationship between MC and AC are the following: If MC is below AC then AC should be falling. This is because, if MC
Indian industry has progressed a lot because of globalization. A lot of development has been seen in Indian industry.
effects and implication of taxation in relation to managerial economics
Assignment
Q. Explain about Smooth Convex Isoquant? Smooth Convex Isoquant: This kind of isoquant presumes continuous substitutability of capital and labour over a certain range, beyond
Q. What is Transport and Storage Economies? As the output increases, unit cost of transportation of raw materials, intermediate products and finished products fall. This is for
Autonomous Expenditure Also called Exogenous expenditure, is any expenditure that is taken as a constant or unaffected by any economic variables within our theory. For instan
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case.
APPLICATION OF MANAGERIAL ECONOMICS Tools of managerial economics can be used to accomplish virtually all the goals of a business organisation in an efficient manner. Typical m
“Managerial economics involves use of economic analysis to make business decisions involving the best use of a firm’s scarce resources” Explain the statement with suitable example.
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