I write a summary of market structure and how it affects the pricing and output decision based on Keat, P., and Phillip Young. 2008. Managerial Economics, 6th edition. Pearson (KY) e-book. The firm needs to establish its price and output levels to achieve its business objective of profit maximization. The pricing and output decision can […]
DEMAND THEORY AND ELASTICITY
I write a summary about demand theory and elasticity based on Keat, P. and Phillip Young. 2008. Managerial Economics, 6th edition. Pearson (KY) e-book. Demand is one of the most important aspects of managerial economics on the firm since the business would not establish or survive if a sufficient demand for its product or service […]