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Microeconomics

Microeconomics

Market Power: Determining Factors, Effects, How to Measure

Updated on April 10, 2022 · By Ahmad Nasrudin Tag: Market Power, Monopoly

Market Power Determining Factors Effects How to Measure

What's it: Market power is the firm's ability to influence its products' prices in the market. Market power enables firms to charge a higher price than the equilibrium price in a competitive market. We call companies having market power as

Tag: Market Power, Monopoly

Microeconomics

Conspicuous Consumption: Meaning, Reasons, Importance

Updated on April 13, 2022 · By Ahmad Nasrudin Tag: Conspicuous Consumption, Price Effect

What's it: Conspicuous consumption refers to consumption expenditure not to maximize basic utility but to give others an impression. Long story short, people buy products because they want to show off their wealth and social status. In

Tag: Conspicuous Consumption, Price Effect

Macroeconomics, Microeconomics

Government Intervention: Examples, Reasons, and Impacts

Updated on April 10, 2022 · By Ahmad Nasrudin Tag: Economic Policy, Market Failure

What's it: Government intervention refers to the government's deliberate actions to influence resource allocation and market mechanisms. It can take many forms, from regulations, taxes, subsidies, to monetary and fiscal policy. In some cases, the

Tag: Economic Policy, Market Failure

Microeconomics

Price Taker: Meaning, Characteristics, and Examples

Updated on October 14, 2020 · By Ahmad Nasrudin Tag: Market Structure, Perfect Competition, Price Taker

What's it: A price taker refers to a firm that cannot influence market prices and can only set an output price at the market price. All firms in perfect competition are price taker. Conversely, in imperfectly competitive markets, some firms

Tag: Market Structure, Perfect Competition, Price Taker

Microeconomics

Herfindahl-Hirschman Index: Concept, How to Calculate, Pros and Cons

Updated on September 5, 2022 · By Ahmad Nasrudin Tag: Herfindahl Hirschman Index, Market Structure

What's it: Herfindahl-Hirschman Index (HHI) is a measure of market concentration. You compute it by summing the squares of each firm's market share in the industry. This is an alternative to the n-firm concentration ratio. This index is important

Tag: Herfindahl Hirschman Index, Market Structure

Microeconomics

Fixed Cost: Meaning, Examples and Why It Matters

Updated on October 6, 2020 · By Ahmad Nasrudin Tag: Cost, Fixed Cost

What's it: Fixed costs are types of costs whose value is unaffected by changes in the amount of output. When a firm increases output or decreases output, it does not change. For example, the factory machine's rental cost is $15,000,000 for 1 year.

Tag: Cost, Fixed Cost

Microeconomics

Marginal Product: Meaning, How To Calculate It

Updated on April 8, 2022 · By Ahmad Nasrudin Tag: Marginal Product, Production In Microeconomics

What's it: Marginal product refers to the additional output produced when a firm uses one additional input unit, assuming the other inputs are constant. Another term for the marginal product is a marginal return or marginal productivity. How to

Tag: Marginal Product, Production In Microeconomics

Microeconomics

Economic Profit: Meaning, Formula, and Key Factors

Updated on April 9, 2022 · By Ahmad Nasrudin Tag: Economic Profit, Profit in economics

What's it: Economic profit is the difference between revenue and total costs (implicit costs plus explicit costs). This is another measure of profit besides accounting profit. Implicit costs represent opportunity costs when a firm chooses to use a

Tag: Economic Profit, Profit in economics

Microeconomics

Nash Equilibrium: Meaning, Concept and Examples

Updated on April 12, 2022 · By Ahmad Nasrudin Tag: Nash Equilibrium, Oligopoly

What's it: Nash equilibrium is a game theory concept that determines the optimal solution in non-cooperative competition in which each player has no incentive to change their initial strategy. John Nash, an American mathematician, put it in

Tag: Nash Equilibrium, Oligopoly

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