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 [...]
The term 'price control' implies the fixation of either the maximum or the minimum prices of some selected essential commodities. But the fixation of the maximum prices during inflation is more common than that of the minimum prices during deflation. Other weapons of price control are taxation (to raise prices) and subsidies (to reduce prices). The term 'rationing' denotes the [...]
In this article we will discuss about the pricing of multiple and joint products. The theory of price discrimination under monopoly can be extended to the problem of determining the prices for the multiple products of a firm. The extension of the theory was done by Eli W. Clemens. In reality, most firms produce more than one product. For this [...]