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Disadvantages of Cost-Based pricing?
The cost based pricing may overlook costs that are not monetary. Cost based pricing may overlook inefficiency Cost based pricing may not take advantage of consumer surplus.
What is the best surplus store, that has fair pricing?
The Army/Navy Surplus store is exactly what you are looking for. They feature "real" surplus obtained directly from the government and their inventory is quite intensive! For more information, visit http://www.thearmynavysurplus.com/
What is the relationship between producer surplus and a monopoly graph?
In a monopoly graph, producer surplus is the difference between the price the producer receives for a good or service and the cost of producing it. In a monopoly, the producer has more control over pricing and can charge higher prices, leading to a larger producer surplus compared to a competitive market.
What is the deadweight loss associated with a monopoly's pricing power?
The deadweight loss associated with a monopoly's pricing power is the loss of economic efficiency that occurs when the monopoly sets prices higher and produces less output than would occur under perfect competition. This results in a reduction in consumer surplus and producer surplus, leading to a net loss in overall welfare.
Surplus drives market prices up storage drives them down?
Surplus occurs when the supply of a product exceeds demand, leading to excess inventory and prompting sellers to lower prices to stimulate sales. Conversely, storage can lead to a decrease in market prices, as an accumulation of goods may signal a lack of consumer interest or demand. Both dynamics illustrate how supply and demand interact to influence market pricing, with surpluses pushing prices down and storage levels affecting them as well. Ultimately, understanding these factors is crucial for businesses to make informed pricing and inventory decisions.
What kinds of military stuff are considered too dangerous to sell as surplus?
Although there are a wide range of products that are sold in Military surplus stores, there are a number of things that can not be sold in these stores. Items such as Military guns, grenades and warfare are not sold in the surplus stores.
What is surplus lines insurance?
Surplus Lines Insurance is insurance that is not written through the admitted market. The insurance companies that are approved to write Surplus Lines business are not considered "admitted" or "licensed" by the states. The insured is not covered by the state Guarantee fund which means that if a surplus lines insurer becomes insolvent; the insured has no recourse in the event of a claim.
How is the welfare cost of monopoly measured?
The welfare cost of monopoly is measured by analyzing the deadweight loss it creates, which represents the loss in consumer and producer surplus due to reduced output and higher prices compared to a competitive market. This deadweight loss arises because the monopolist restricts production to maximize profits, leading to a decrease in total welfare. Economists often calculate this cost by assessing the difference between the total surplus in a competitive market and that in a monopolistic market, highlighting the inefficiencies caused by monopolistic pricing and output decisions.
What does the perfect price discrimination graph illustrate about pricing strategies in economics?
The perfect price discrimination graph illustrates a pricing strategy where a seller charges each customer the maximum price they are willing to pay. This strategy allows the seller to capture the entire consumer surplus and maximize profits.
What is over recovery?
Over recovery refers to a situation where an entity, such as a business or government, generates more revenue or resources than necessary to cover its costs or meet its obligations. This can occur in various contexts, such as in financial management, project funding, or regulatory compliance. Over recovery may lead to excess profits or surplus resources, which can raise concerns about fair pricing or resource allocation. It may also prompt a reassessment of pricing strategies or the distribution of surplus funds.
What is the acronym of surplus?
surplus
Where are surplus shown in balance sheet?
With non-profit organisations, when the balance sheet doesn't show a loss, but what would be classified a profit for profit organisations, it is called a surplus. When it is what would be considered a loss for profit organisations, it is called a deficit.
