industrialeconomics1-201004121531.pdf
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This document discusses the key topics of industrial economics, including: 1. Industrial economics is the study of economic problems of firms and industries and their relationship with society. It examines issues at the micro and macro level. 2. Industrial economics is needed to understand how firms set capacity, prices, and product differentiation, as well as investment in R&D and advertising. 3. The objectives of industrial economics are to achieve industrial development goals, provide information on resources and climate, and analyze efficiency, location, finance, profits, costs, and pricing of industries.
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1. Determining Revenue Impact: Price elasticity helps businesses predict how changes in price will affect their total revenue. If demand is elastic (responsive to price changes), decreasing prices may lead to higher revenue. Conversely, if demand is inelastic (insensitive to price changes), increasing prices may result in higher revenue.
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Ep = ((Q2 − Q1)/Q1) /((P2 − P1)/P1)
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The demand curve is horizontal straight line. It shows the at Rs. 10 price any quantity is demanded and if price increases, the consumer will not purchase the commodity.
B. Perfectly Inelastic Demand
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The shape of the demand curve for perfectly inelastic is vertical as shown below.
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Ep = ((Q2 − Q1)/Q1) /((P2 − P1)/P1)
𝐸𝑝 = (100 − 100)/100 /(20 − 10)/10 = 0
When price increases from Rs. 10 to Rs.20, the quantity demanded remains the same. In other words the response of demand to a change in Price is nil. In this case ‗E‘=0.
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The demand curve is horizontal straight line. It shows the at Rs. 10 price any quantity is demanded and if price increases, the consumer will not purchase the commodity.
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10 100
20 100
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In the current global economy, capitalism is the most well know economy. It is characterized by private ownership of means of production and property by companies and individuals. In this type of economy, the government has limited role to control and management making it a liberal economy where the free market determines demand, supply and pricing of commodities (Baumol & Blinder, 2015). Classic example of countries with capitalist economy is USA, Singapore and Germany among others. Division of labor has been highly used in capitalist economy where workers are assigned tasked in the area of specialization. Division of labor enables maximization of profit in a capitalist economy. Companies and investors transact in the economy with the motive of profit maximization and with the division of labor they are able to fully utilize resources to ensure maximum production of high quality products in the market. Another importance of division of labor is making companies competitive in the economy which reduces monopolies and therefore been the pr ...
Micro and Macroeconomics
Microeconomics studies individual economic decision-making units and markets, while macroeconomics analyzes the economy as a whole in terms of aggregates like total output, employment and prices. Both have limitations and need to be integrated to fully understand how the economy functions. The major economic problems revolve around efficiently allocating scarce resources to maximize satisfaction and profits while ensuring full employment and economic growth.
Importance of business economics
Business economics is a branch of microeconomics that bridges the gap between pure economic theory and business practices. It uses economic theories, mathematics, and decision-making sciences to help businesses make optimal decisions around areas like demand analysis, cost analysis, profit analysis, capital management, production analysis, price determination, and objectives. While traditional economics covers both micro and macro perspectives, business economics focuses narrowly on analyzing economic activities from the perspective of the firm.
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industrialeconomics1-201004121531.pdf
- 1. Industrial Economics By Sunita Sukhija Assistant Professor Government National College, Sirsa
- 2. Content In this PPT we will discuss about the following topics:- 1. Meaning of Industrial Economics 2. Need of Industrial Economics 3. Objectives of Industrial Economics 4. Scope of Industrial Economics 5. Importance of Industrial Economics
- 3. Introduction to Industrial Economics Before studying the meaning of Industrial Economics it is necessary to understand the meaning of Industry and Economics.
- 4. Industry Industry is an economic activity where raw material is converted into finished goods. In other words industry means where goods are manufactured. Example: Steel Industry, Cotton Industry etc.
- 5. Economics Economics is the study of how human beings make choice to allocate scarce resources to satisfy their unlimited wants in such a manner that consumers can maximize their satisfaction, producers can maximize their profits and the society can maximize its objective.
- 6. Industrial Economics Industrial Economics is a distinctive branch of economics which deals with economic problems of the firms and industries and their relationship with society. It has both micro and macro aspect. Industrial Economics is the study of firms, industries and markets. It looks at firms of all sizes from local corner shops to multinational giants. It is also called Economics of Industries, Industry and Trade, Industrial Organisation and Policy. Industry Economics Industrial Economics
- 7. Need of Industrial Economics Now the important question arises why we study Industrial Economics and Why we need Industrial Economics. The answer of this question is that industrial economics helps us to understand the following issues: The levels at which capacity, output and prices are set The extent that products are differentiated from each other How much firms invested in research and development How and Why firm advertise Need
- 8. Objectives of Industrial Economics Objectives Achieving the target of Industrial Development Provides the information related to natural resources, industrial climate etc.
- 9. Scope of Industrial Economics Industrial Efficiency Industrial Location Industrial Finance Determinants of Profitability Profit Analysis Cost Analysis Pricing Theory Diversification
- 10. Importance of Industrial Economics Increase in per capita income Rise in Capital Formation Optimal utilization of resources Providing Employment Stable Economics Growth Solving the problem of BOP Agriculture Improvement