BUSA 356 Lecture Notes - Lecture 3: 1997 Asian Financial Crisis, Health Education, Reform Government Of New Zealand
6 Mar 2018
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Latin american recovery from debt crises: asian growth, african renaissance. Islamic resurgence: disintegration of russia and fsu, european integration, us and japan. An industry comprises: all firms producing a similar good or service. The market comprises: the firms in the industry, a set of products produced by those firms, a geographical area where customers and competitors are located. Need to identify: which products to include. Theoretically: competitor products (with high x elasticity of demand) Practically: identify which firms are responding to each other"s actions and identify which firms act as a constraint on each other"s actions: which firms to include, the appropriate geographical area. To what extent does a price increase in one area: attract competition from firms elsewhere and drive customers away to cheaper areas. Very many firms, no barriers to entry, homogeneous product. One firm, high barriers to entry, unique product. Many firms, no barriers to entry, heterogeneous product.
