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Explain the concept of Quasi Rent.
Meaning: The concept of quasi rent was first introduced by Marshall. He explained that besides land, other factors also get rent the only difference is that rent may accrue to land in the long run also whereas it accrues to others factor only in the short run. Concept of Quasi-Rent: Marshall explained that the supply…
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Briefly explain the Ricardian theory of Rent?
Introduction: In the ordinary language, the term rent means any periodical payment made by a person for the privilege of using an asset belonging to someone else. It denotes a payment made for the hiring of a particular thing such as a house, car machine Etc. all these are the instance of periodic payment and…
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Explain the Marginal Productivity theory of Distribution?
Introduction: The concept of marginal productivity theory is the heart of this theory of distribution. David Ricardo and Edward west first developed this concept, later on economists like JB Clark, Jevons, wick steed, Walrus, marshal Etc. made valuable contributions and developed it further. According to this theory a producer employ a factor input because of…
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Write a note on Life Cycle of a Product.
Introduction: The pricing strategy for a product often evolves throughout its life cycle as it moves through different stages. The stages of life cycle of a product are introduction, growth, maturity, and decline. Each stage presents unique challenges and opportunities, and adjusting the pricing strategy accordingly can contribute to the product’s overall success. Here’s a…
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Write a note on Pricing Policy.
Introduction: Pricing policy is nothing but a pricing of a new product. In production of a product, a distinction is made between perishable and non perishable products .a perishable product does not long for a long period. Where as a non perishable product has durability. There is different way of pricing a new product. Either…
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What do you mean by Price Discrimination? Explain its Degrees of Discrimination.
Introduction: Generally speaking the monopolist will not change uniform price for all the customers in the market. He will follow different Degrees of Price discrimination under different circumstances. The policy of price discrimination refers to the practice of a seller to change different prices for different customers for the same commodity produced under a single…
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What is Monopolistic Competition? Explain its features?
Introduction: Professor Chamberlain is the main architect of the theory of monopolistic competition this market exhibition the characteristics of both are competition and monopoly. Since modern markets are combined and integrated with Monopoly powers and competitive forces they are called as monopolistic competition. It is a market structure in which large number of small seller…
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What is Oligopoly Market? explain its features?
Meaning of Oligopoly Market: The term oligopoly is deriving from two Greek word Oligo and poly which means few and sells. Under oligopoly we come across a few producers specializing in the production of identical goods or differentiated goods competition with one another. The features of oligopoly market are are peculiar because of its type.…
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What is a Duopoly Market? Explain the features it?
Meaning of Duopoly: Duopoly is that market situation where there are only two firms operating in the market. Since there are only two firms producing identical goods under duopoly any change in price or output by one firm is bound to affect the other. In duopoly the individual firm has to carefully consider the indirect…
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What do you mean by Monopoly Market? Explain its features?
Meaning of monopoly: The word monopoly is made up of two words-mono means single and poly means to sell. Thus monopoly means presence of a only one seller in the market. Monopoly is that type market in which only one producer controls the complete supply of a one commodity that has no similar substitute. A…