The document discusses different topics related to market structures and business cycles. It defines different market structures - perfect competition, monopoly, monopolistic competition, and oligopoly - and describes their key features. It also outlines the steps involved in pricing policies and decisions, and lists various pricing methods. Finally, it identifies the different stages of business cycles as expansion, peak, recession, depression, trough, and recovery.
Economics, Law of Demand, Determinants of Demand, increase and Decrease in Demand, Extension and Contraction in Demand, Exception of Demand, Assumptions of Demand
Application of indifference curve analysisYashika Parekh
The law of demand expresses the functional relationship between price and quantity demanded.
Assumption of ‘ Ceteris Paribus’. A hypothetical assumption
If price of a commodity falls, the quantity demanded of it will rise and vice versa.
Inverse relationship between price and quantity
Other factors also play an important role.
Real world variables.
The indifference curve analysis has also been used to explain producer’s equilibrium, the problems of exchange, rationing, taxation, supply of labour, welfare economics and a host of other problems. Some of the important problems are explained below with the help of this technique.
(1) The Problem of Exchange:
With the help of indifference curve technique the problem of exchange between two individuals can be discussed. We take two consumers A and В who possess two goods X and Y in fixed quantities respectively. The problem is how can they exchange the goods possessed by each other. This can be solved by constructing an Edgeworth-Bowley box diagram on the basis of their preference maps and the given supplies of goods.
Students should be able to:
Understand the characteristics of this market structure with particular reference to the interdependence of firms
Explain the behaviour of firms in this market structure
Explain reasons for collusive and non-collusive behaviour
Evaluate the reasons why firms may wish to pursue both overt and tacit collusion
Economics, Law of Demand, Determinants of Demand, increase and Decrease in Demand, Extension and Contraction in Demand, Exception of Demand, Assumptions of Demand
Application of indifference curve analysisYashika Parekh
The law of demand expresses the functional relationship between price and quantity demanded.
Assumption of ‘ Ceteris Paribus’. A hypothetical assumption
If price of a commodity falls, the quantity demanded of it will rise and vice versa.
Inverse relationship between price and quantity
Other factors also play an important role.
Real world variables.
The indifference curve analysis has also been used to explain producer’s equilibrium, the problems of exchange, rationing, taxation, supply of labour, welfare economics and a host of other problems. Some of the important problems are explained below with the help of this technique.
(1) The Problem of Exchange:
With the help of indifference curve technique the problem of exchange between two individuals can be discussed. We take two consumers A and В who possess two goods X and Y in fixed quantities respectively. The problem is how can they exchange the goods possessed by each other. This can be solved by constructing an Edgeworth-Bowley box diagram on the basis of their preference maps and the given supplies of goods.
Students should be able to:
Understand the characteristics of this market structure with particular reference to the interdependence of firms
Explain the behaviour of firms in this market structure
Explain reasons for collusive and non-collusive behaviour
Evaluate the reasons why firms may wish to pursue both overt and tacit collusion
Meaning of demand forecasting , determinants and categorization of forecasting, choosing the technique of forecasting,objectives and methods of forecasting,tools used for forecasting and limitations to forecasting are discussed.
The cross-price elasticity of demand is the degree of responsiveness of quantity demanded of a commodity due to the change in price of another commodity.
Meaning of demand forecasting , determinants and categorization of forecasting, choosing the technique of forecasting,objectives and methods of forecasting,tools used for forecasting and limitations to forecasting are discussed.
The cross-price elasticity of demand is the degree of responsiveness of quantity demanded of a commodity due to the change in price of another commodity.
This Presentation is on Market Structure and its types. Including all the images of revenue, producer equilibrium, its elasticity, examples of all the market, characteristics and features of all the market. This presentation is very helpful in understanding the market structure and the types of market structure.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
1. UNIT - 5
• Market Structure – Perfect Competition,
Monopoly, Monopolistic and Oligopoly
Competition. Pricing Policies – Steps in Pricing,
Pricing Decisions, Pricing Methods –
Macroeconomics – Business Cycles – Stages.
2. Market structure
• The term “ market” refers to a place where
sellers and buyers meet and facilitate the
selling and buying of goods and services.
Definition
• The Market Structure refers to the
characteristics of the market either
organizational or competitive, that describes
the nature of competition and the pricing
policy followed in the market.(like monopoly,
oligopoly)
4. 1] Perfect Competition
Definition
• The Perfect Competition is a market structure
where a large number of buyers and sellers
are present, and
• all are engaged in the buying and selling of the
homogeneous(SIMILAR) products at a single
price prevailing in the market.
6. • No artificial restriction. This means any
customer can buy from any seller, and any
seller can sell to any buyer.
• Thus, no restriction is imposed on either party.
• prices are liable to change freely as per the
demand-supply conditions.
• In such a situation, no big producer and the
government can control the demand, supply
or price of the goods and services.
7. Monopolistic Competition/ imperfect competition
Definition- Monopolistic Competition
• There are a large number of firms that produce
differentiated products which are close
substitutes for each other.
• In other words, large sellers selling the products
that are similar, but not identical and compete
with each other on other factors besides price.
EG: high-street stores and restaurants
9. • Product Differentiation: The products being
slightly different from each other remain close
substitutes of each other and hence cannot be
priced very differently from each other.
• Large number of firms: A large number of
firms operate under the monopolistic
competition, and there is a stiff competition
between the existing firms.
10. • Free Entry and Exit: With an intense
competition among the firms, the entity
incurring the loss can move out of the industry
at any time it wants. Similarly, the new firms
can enter into the industry freely.
• Some control over price: Since, the products
are close substitutes, if a firm lowers the price
then the customers will switch over to it and
vice versa. hence there exists price control
11. • Heavy expenditure on Advertisement and other
Selling Costs
The firms incur a huge cost on advertisements
and other selling costs to promote the sale of
their products. Since the products are different
and are close substitutes for each other.
• Product Variation: A product can be sold in
different variations for example in different colors
and size.
The monopolistic competition is also called
as imperfect competition because this market
structure lies between the pure monopoly and
the pure competition.
12. Oligopoly Market
Definition
• The Oligopoly Market characterized by few
sellers, selling the homogeneous or differentiated
products.
• In other words, the Oligopoly market structure
lies between the pure monopoly and
monopolistic competition
• where few sellers dominate the market and have
control over the price of the product.
• Example: Pepsi and Coca-Cola in the soft drink
market
13. • Homogeneous product: The firms producing
the homogeneous products are called as Pure
or Perfect Oligopoly.
EG: cosmetic items such as cotton balls and
cotton swabs.
• Heterogeneous Product: The firms producing
the heterogeneous products are called as
Imperfect or Differentiated Oligopoly. soaps,
detergents, television, refrigerators, etc.
15. • Few Sellers: The sellers are few, and the
customers are many.
• Interdependence: The seller has to be
cautious with respect to any action taken by
the competing firms.
• Since there are few sellers in the market, if any
firm makes the change in the price or
promotional scheme, all other firms in the
industry have to comply with it, to remain in
the competition.
16. • Advertising: Every firm advertises their
products on a frequent basis, with the
intention to reach more and more customers
and increase their customer
• Competition: It is genuine that with a few
players in the market, there will be an intense
competition among the sellers.
17. • Entry and Exit Barriers: The firms can easily
exit the industry whenever it wants, but has to
face certain barriers to entering into it. These
barriers could be Government license, Patent
etc.
• Lack of Uniformity: There is a lack of
uniformity among the firms in terms of their
size, some are big, and some are small.
18. Monopoly Market
• Definition: The Monopoly is a market
structure characterized by a single seller,
selling the unique product with the restriction
for a new firm to enter the market.
• Example: State Electricity board; Railways
20. • Under monopoly, the firm has full control over
the supply of a product. The elasticity of
demand is zero for the products.
• There is a single seller or a producer of a
particular product, and there is no difference
between the firm and the industry. The firm is
itself an industry.
• The firms can influence the price of a product
and hence, these are price makers, not the
price takers.
• There are barriers for the new entrants.
21. • The demand curve under monopoly market is
downward sloping, which means the firm can
earn more profits only by increasing the sales
which are possible by decreasing the price of a
product.
• There are no close substitutes for a monopolist’s
product.
• Under a monopoly market, new firms cannot
enter the market freely due to any of the reasons
such as Government license and regulations,
huge capital requirement, complex technology
and economies of scale.
• These economic barriers restrict the entry of new
firms.
22. Pricing Policy
• Pricing policy refers
how a company sets the
prices of its products
and services based on
costs, value, demand,
and competition.
23. The following considerations involve in formulating the pricing
policy:
(i) Competitive Situation:
• Have to analyze whether the firm is facing perfect competition or imperfect
competition.
• In perfect competition, the producers have no control over the price. Pricing
policy has special significance only under imperfect competition.
ii) Goal of Profit and Sales:
• The businessmen use the pricing device for the purpose of maximizing
profits.
• They should also stimulate profitable combination sales. In any case, the
sales should bring more profit to the firm.
24. (iii) Long Range Welfare of the Firm:
• Businessmen are reluctant (unwilling) to charge a high price
for the product because this might result in bringing more
producers into the industry.
• In real life, firms want to prevent the entry of rivals. Pricing
should take care of the long run welfare of the company.
(iv) Flexibility:
• Pricing policies should be flexible enough to meet changes
in economic conditions of various customer industries.
25. (v) Government Policy:
• The government may prevent the firms in forming combinations to
set a high price.
• Often the government prefers to control the prices of essential
commodities with a view to prevent the exploitation of the
consumers.
(vi) Overall Goals of Business:
• objectives relate to rate of growth, market share, maintenance of
control and finally profit.
• The A pricing policy should never be established without
consideration as to its impact on the other policies and practices.
26. (vii) Price Sensitivity:
• Businessmen often tend to exaggerate the
importance of price sensitivity and ignore many
identifiable factors which tend to minimize it.
(viii) Routinisation of Pricing:
• A firm may have to take many pricing decisions.
• If the data on demand and cost are highly
conjectural, the firm has to rely on some
mechanical formula.
28. 1) Selecting the pricing Objective –
• The company first decides where it wants to
position its marketing offering.
• The clearer a firm’s objectives, the easier it is
to set price.
• Eg. A company can pursue any of five major
objectives through pricing: survival, maximum
current profit, maximum market share,
maximum market skimming, or product-
quality leadership.
29. 2) Determining the demand –
• Demand and price are inversely related: the
higher the price, the lower the demand .
• In the case of prestige goods, the demand curve
sometimes slopes upward.
• E.g. Perfume Company raised its price and sold
more perfume rather than less! Some consumers
take the higher price to signify a better product.
• the process of estimating demand therefore leads
to
i. Estimating Price sensitivity of market
ii. Estimating and analyzing demand curve
iii. Determining price elasticity of demand.
30. 3. Estimating Costs –
• The company wants to charge a price that
covers its cost of producing, distribution and
selling the product, including a fair return for
its effort and risk.
• A company’s cost take different forms, fixed
and variable, Total costs, Average cost.
• To price intelligently, management needs to
know how its costs vary with different levels
of production.
31. 4. Analyzing competitor’s costs, prices and
offers –
• The firm must take the competitor’s costs,
prices and possible price reactions into
account.
5. Selecting a pricing method –
• WHAT ARE VARIOUS PRICING METHODS?
• There are three pricing methods that can be
employed by a firm:
1. Cost Oriented Pricing
2. Competitor Oriented Pricing
3. Marketing Oriented Pricing
32. 6. Selecting the final Price
• In selecting that price, the company must
consider additional factors,
including psychological pricing, gain and risk
pricing, the influence of other marketing -mix
elements on price, company -pricing policies,
and the impact of price on other parties.
33. Pricing Decisions
• Pricing decisions can be simple or complex.
• Simple pricing involves charging what competitors
charge for similar goods and services.
• This strategy is often used by retailers and wholesalers
selling commodities
• Complex pricing is based on the originality of a
product or service and what customers are willing to
pay for it.
• This type of pricing is determined through negotiation
with the customer and is common for furniture,
artworks and consulting services.
34. Factors to Consider When Setting a Price:
External Factors
i. Total demand for product or
service and its elasticity
ii. Number of competitors or
services
iii. Quality of competing
products or services
iv. Current prices of
competing products or
services
v. Customer’s preferences for
quality versus price
vi. Number of suppliers in the
market
vii. Seasonal demand or
continual demand
viii. Life of product or service
ix. Economic and political
climate
x. Type of industry to which
the product belongs
xi. Governmental guidelines
35. Internal Factors:
• Cost of product or service
• Quality of materials and labour inputs
• Labour intensive or automated process
• Usage of scarce resources
• Firm’s objectives
• Pricing decision as a long-run decision or
short term decision.
36. Factors Influencing Pricing Decisions:
Customers:
• Managers examine pricing problems through the eyes
of their customers. Increasing prices may cause the loss
of a customer.
Competitors:
• A competitor’s aggressive pricing may force a business
to lower its prices to be competitive. On the other
hand, a business without a competitor can set higher
prices.
Costs:
• The lower the cost relative to the price, the greater the
quantity of product the company is willing to supply.
38. a.Cost-plus Pricing:
• Refers to the simplest method of determining the price of a product. In
cost-plus pricing method, a fixed percentage, also called mark-up
percentage, of the total cost (as a profit) is added to the total cost .
• For example, XYZ organization bears the total cost of Rs. 100 per unit
for producing a product. It adds Rs. 50 per unit to the price of product
as’ profit. In such a case, the final price of a product of the organization
would be Rs. 150.
• Cost-plus pricing is also known as average cost pricing.
• P = AVC + AVC (M)
• M = Mark-up percentage(% of profit)
39. The advantages of cost-plus pricing method are as
follows:
• a. Requires minimum information
• b. Involves simplicity of calculation
• c. Insures sellers against the unexpected changes
in costs
The disadvantages of cost-plus pricing method are
as follows:
• a. Ignores price strategies of competitors
• b. Ignores the role of customers
40. b.Markup Pricing:
• Refers to a pricing method in which the fixed
amount or the percentage of cost of the
product is added to product’s price to get the
selling price of the product.
• For example, if a retailer has taken a product
from the wholesaler for Rs. 100, then he/she
might add up a markup of Rs. 20 to gain profit.
• Markup as the percentage of
cost= (Markup/Cost) *100
41. 2.Demand-based Pricing:
• If the demand of a product is more, an
organization prefers to set high prices for
products to gain profit;
• whereas, if the demand of a product is less,
the low prices are charged to attract the
customers.
42. 3.Competition-based Pricing:
• Competition-based pricing refers to a method in
which an organization considers the prices of
competitors’ products to set the prices of its own
products.
• The organization may charge higher, lower, or
equal prices as compared to the prices of its
competitors.
43. Other pricing methods
4.Value Pricing:
• Implies a method in which an organization tries
to win loyal customers by charging low prices for
their high- quality products.
• The organization aims to become a low cost
producer without sacrificing the quality.
5.Target Return Pricing:
• Helps in achieving the required rate of return on
investment done for a product. In other words,
the price of a product is fixed on the basis of
expected profit.
44. 6.Going Rate Pricing
• Implies a method in which an organization
sets the price of a product according to the
prevailing price trends in the market.
7.Transfer Pricing
• One department of an organization can sell
its products to other departments at low
prices. Sometimes, transfer pricing is used to
show higher profits in the organization by
showing fake sales of products within
departments.
47. Business Cycles
• The business cycle is the natural rise and fall
of economic growth that occurs over time.
• The cycle is a useful tool for analyzing the
economy.
• It can also help make better financial
decisions.
48. • Business Cycles – Stages
1 Expansion
• There is an increase employment, income,
output, wages, profits, demand, and supply of
goods and services.
• Debtors pay their debts on time,
• The money supply is high,
• Investment is high.
• This process continues until economic
conditions become favorable for expansion.
49. 2 Peak
• The economy then reaches a saturation point, or peak, which is the second stage of the
business cycle.
• The maximum limit of growth is attained. The economic indicators do not grow further and
are at their highest. Prices are at their peak.
• This stage marks the reversal in the trend of economic growth.
3 Recession
• The recession is the stage that follows the peak phase.
• The demand for goods and services starts declining rapidly and steadily in this phase.
• Producers do not notice the decrease in demand instantly and go on producing, which creates
a situation of excess supply in the market.
• Prices tend to fall. All positive economic indicators such as income, output, wages, etc.
consequently start to fall.
50. 4 Depression
• There is a rise in unemployment.
• The growth in the economy continues to decline
below the steady growth line, the stage is called
depression.
5 Trough
• The economy’s growth rate becomes negative.
• Demand and supply of goods and services, reach
their lowest.
• There is extensive depletion of national income
and expenditure.
51. 6.Recovery phase
• Consumers increase their rate of consumption, as
they assume that there would be no further
reduction in the prices of products.
• Bankers reduce the lending rate.
• price of factor of production falls.
• As a result, investment and employment
increases.
• Economy again enters into the phase of
expansion.
• Thus, a business cycle gets completed.