Unit 2.1 - Demand, Supply and Market Equilibrium - Numerical Illustrations
1. If autonomous demand is 12 and slope of demand curve is 2. Find the demand function.
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Unit 2.3 - Theory of Price and Output Determination
Equilibrium Condition of Firm & Industry Under PCM The main objective of a firm under PCM is to maximize the profit. The profit maximization condition of the firm is also called equilibrium condition of a firm.
Unit 2.1 - Market and Revenue Curves
Concept of Market & Market Structure 'Market' refers to the existence of direct or indirect contact between the seller and buyers for buying and selling of a commodity at a given price. 'Market Structure' refers to the selling environment in which a firm produces & sells its products. It is basically defined by following features: number of buyer and seller of the product, type of the product bought (product differential) & sold, degree of mobility of resources, market information, market entry conditions and the extent to which the actions of firm will affect another firm.