Unit V: Product Pricing - Applied Economics

The price of a product is influenced by a number of factors, such as manufacturing cost, competition, market conditions, and quality of the product.

An organization, while setting the prices of its products, needs to ensure that prices must cover costs incurred for producing products and profit margins.

If the price of a product does not cover costs, then the financial resources of the organization would exhaust, which would ultimately result in the failure of business.

In this “Product Pricing - Applied Economics” you will learn about following topics:

Introduction to Product Pricing
Concept of Product Pricing
Types of Pricing Objectives
Profit-Oriented Objectives
Sales-Oriented Objectives
Status Quo-Oriented Objectives
Concept of Market Equilibrium
Concept of Firm’s Equilibrium
Price and Output Determination of a Firm under Perfect Competition
Price and Output Determination of a Firm under Monopoly
Total Revenue and Total Cost Approach
Marginal Revenue and Marginal Cost Approach
Short-Run Equilibrium of Firm
Long-Run Equilibrium of Firm
Short-Run Equilibrium of Industry and The firm under Perfect Competition
Long-Run Equilibrium of Firm and Industry under Perfect Competition Market
Effect of Tax upon Market Equilibrium and Price
Effect of Subsidy upon Market Equilibrium and Price
Linear Programming
Cost-Benefit Analysis (CBA)

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