The theory of firms says that the consumer surplus is more in perfect competitive market in comparison with imperfect markets. When the demand curve is perfectly elastic in perfect competitive market where P= AR= MRBut when in full competition, investment reduces marginal cost. Investment requires margin, this is the reason why perfect competition may not be the best for welfare and consumer surplus on the long run
Consumer awareness?
consumer problems are mainly regarding the good/services they recieve in return of the price they pay. eg: you buy wheat, and find that it is of substanderd quality or it's underweight, or worse both. consumer forums are authority that helps the consumer by empowring them. lets say the car parts you brought from a manufactur were sub standard, the manufactuer won't change it. the court decides the case wheather the part was good or not, and wheather it should be changed or any compensation is to be paid.
Classification of Consumer Goods?
This Site Might Help You. RE: Classification of Consumer Goods? Can you please give me 4 examples of each:- - Convenience Goods - Shopping Goods - Specialty Goods - Unsought Goods
The Producer Price Index is a family of indexes that measures the average change over time in the selling prices received by domestic producers of goods and services. PPIs measure price change from the perspective of the seller. This contrasts with other measures, such as the Consumer Price Index (CPI), that measure price change from the purchaser's perspective.WPI index reflects average price changes of goods that are bought and sold in the wholesale market. WPI in India is published by the Office of Economic Adviser, Ministry of Commerce and Industry. Further,the data for WPI is monitored and updated on a monthly basis taking into account all the 679 items that form the index. The various commodities taken into consideration for computing the WPI can be categorized into primary article, fuel and power, and manufactured goods.Primary articles included for the computation of WPI include food articles, non food articles and minerals. In the fuel, power, light and lubricants, electricity,coal mining and mineral oil are included. The manufactured goods category encompasses food products; beverages, tobacco and tobacco products, wood and wood products, textiles, paper and paper products, basic metals and alloys, rubber and rubber products and many others.
Co-operative societies are a very prevailing concept. A co-operative is a group of people acting together to meet the common needs and aspirations of its members, sharing ownership and making decisions democratically. In fact, various other types of co-operatives exist, such as housing, building, retailer, worker, credit unions, financial services, social, consumer, agricultural and political amongst others.Co-operative societies function based on certain drivers. Mentioned below are the key drivers of a co-operative society:· It focuses on contributing to overall system stability· Extreme focus on customers· An amalgamation of conservative and customer focusJust like any other business, co-operative societies also make “profit”. The key difference between a co-operative and a business is that the workers in a co-operative are also the shareholders. Although, co-operatives do not aim to maximize profits, nevertheless, they generate surplus revenue which in turn helps them to manage other expenses.The surplus earned by co-operatives is distributed in any of the following manner:· First Priority – general reserve fund (minimum 10%)· Second Priority – Education and Training (7%-10%)· Third Priority – Land fund, building fund or any other community development fund· Remainder – Available to members in the form of interest on his/her investmentCo-operative societies thus generate surplus which is then distributed for further development of the society.Thank you!