Tag: Market Equilibrium

Economic Knowledge


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 […]

Economic Knowledge

Market Equilibrium

To understand the market equilibrium concept, we need to learn the demand and supply as the conceptual framework. These two components can describe how the market equilibrium formed. The first is the demand which is the quantities (Q) of the good or service that consumer willing to buy as their reference and their capability refers […]

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