Managerial Economics Unit-3
Managerial Economics Unit - 3 Lets start boiling water on our gas stove and getting our notes within minutes😌 Okay!! To get completely into the syllabus of this subject Managerial Economics lovably called as just ECO, please come here 👉💌 Okay now let's move to our first topic😌 Market Analysis Pastly, a specific place where purchase & sale of goods takes place was termed as market. But in a broader outlook economist says that, "market refers to the whole area or platform where the buyers and sellers of the products are spread and it is not limited to a specific place." Nature of market 1. It is for a commodity. 2. It covers the whole area not a fixed location. 3. Market assumes that perfect competition should be present (However, this opinion is gradually diminishing as economists believe that imperfect market also exist). 4. Potential buyers and sellers are present. 5. Sale and purchase of commodity takes place. 6. Price rule is followed. Determinants of market st...