We now move on to another Market Structure called monopoly. As we all understand it,
Monopoly is considered to be a market structure in which there is only one seller who faces no
competition from sellers of close substitutes and is able to remai
Module 4: Market Structures
Before we discuss the different forms of market structures, it is important to understand the
difference between a firm and industry.
A Firm is a single unit producing and selling a particular product or service.
An Industry is
PRODUCTION AND COST
We now move on to a different aspect of Microeconomics, that is cost.
If a companys primary objective of being in business is to earn profits then we know that it is
important to minimize the cost of production.
In order to understand
We now deal with a very different and challenging Market Structure called Oligopoly. Typically,
Oligopoly is a market structure in which two or few players exist and the product is less differentiated.
These features make the market very challen
MODULE 3: ELASTICITY OF DEMAND AND SUPPLY
Pricing forms an important part of decision making in Business. A firm may be required to either
raise or reduce the price of the product to achieve a certain objective like facilitate an increase
in sales or reve
MODULE 2 : DEMAND AND SUPPLY
In any business, the consumer or customer plays a very crucial role. It is therefore very important
to have an adequate understanding of consumer behavior, in order to take the right decisions.
The willingness and ability of a
MODULE 1: INTRODUCTION TO MANAGERIAL ECONOMICS
Managerial Economics comprises two disciplines. Management and Economics.
According to Peter Drucker, Management is the discipline of organizing a firms scarce
resources to achieve its desired objectives
Output per day
Output per day
Output per Total
per day Cost
You have been employed as a consultant with China Textiles on profit maximization. China
Textiles operates in a perfectly competitive market. Each row of the table given below
provides you with some information about the operation of the fi