The following article will guide you about how prices of joint products are determined. In the case of joint products, goods are jointly produced and their production costs are jointly incurred. Under perfect competition, the price of a product is equal to its marginal cost, but in the case of joint products the marginal cost of each of these goods [...]
This article will guide you about how price of a good is determined in the market. In a perfectly competitive market, the number of buyers and sellers is large. The buyers and sellers are in competition to buy and sell a homogeneous product. The number of buyers and sellers in such a market is so large that each of them [...]
In this article we will discuss about the process of price determination in a perfectly competitive market. In a perfectly competitive market, the number of buyers and sellers is large. The buyers and sellers are in competition to buy and sell a homogeneous product. The number of buyers and sellers in such a market is so large that each of [...]