CH 2CH 2 The Economics of Price Determination Kent B. Monroe (2007). Pricing: Making Profitable Decisions. 3 rd Edition (Singapore: McGraw-Hill).
PRICE. Yes, But What Does It Cost? Price is the value that customers give up or exchange to obtain a desired product Payment may be in the form of money,
Characteristics of the Ideal Classroom 1.Fun and Meaningful Activities 2.No Busy Work 3.Manageable Assignments 4.Energy and Enthusiasm 5.Humor 6. Varied.
THE ECONOMIC CONTRIBUTION OF VIRGINIA PUBLIC HIGHER EDUCATION Center for Economic and Policy Studies.
1 The Art and Science of Economic Analysis What is the economic problem? What is the “art” of economic analysis? What is the “science” of economic.
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ECONOMICS why study it? Social Science Efficiency Scarcity.
1 Objectives: To understand and distinguish between the two types of economic decisions: “either-or” decisions and “how much” decisions. To understand.
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Monopoly ECO 230 J.F. O’Connor. Market Structure Perfect Competition –participants act as price takers and cannot by individual behavior affect market.
MICROECONOMICS AP EXAM REVIEW. Define Economics A Social Science which studies how people respond to the Unlimited Wants – Limited Resource Dilemma.