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Identify the key features that affects firms’ decision to set price level

Discuss the relative significance of input cost, consumer incomes and market concentration in influencing firms’ pricing decisions. [25]

Question Requirements


What you need to know to attempt this essay question?

Beginning with the definitions, you will explain the meaning of the above economic terms, such as input cost, consumer incomes and market concentration. There is also an underlying need to highlight the aim of the firms, which is profit maximisation and the economic environment, which is imperfect market condition. Due to the complexity of the question, you should also follow a systematic manner of discussion to smoothen the flow of evaluating the three variables.

Chapters

  • Cost of Production
  • Market Structures

Knowledge Application


How to apply the knowledge to your exam preparation?

The video that you watch will help you comprehend the question requirements as well as the answer outline. After the video, formulate your own outline and attempt to tackle the question under timed condition. It is important that you complete your essay in 45 minutes, given that Paper 2 (Essay) lasts for 2 hours 15 minutes.

Simon Ng

Founder, JC Economics & General Paper Tutor at Economics Focus
JC Economics Tutor Simon Ng of Economics Focus has been teaching A Level Economics and A Level General Paper since 2003. Simon set up Economics Focus to assist students in their pursuit of academic excellence at the examination by providing economics tuition for H1 and H2 students. JC1 and JC2 students are inspired by Simon's clear teaching methods that enabled them to comprehend economics terms and concepts. Simon developed the Rational Thinking methodology to aid students to excel in their JC economics essays and CSQs.
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