Need and significance of the study of industrial economics
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Industrial Economics is the study of the industries, firms, organizations, and markets. Industrial Economics helps in analyzing the situation and in decision making at the individual firm and industry levels.
Industrial Economics helps in understanding issues like - the levels at which the prices, capacity, and the output are set, the differentiation factor in between the products, the amount to be invested in research and development (R&D), and the need and capacity of advertising, apart from giving an insight about how the firm should organize their activities.
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Industrial economics need and significance:
- Industrial Economics is a sector, business, association, and market research. Industrial Economics helps to analyze the situation and to take decisions at the level of the individual enterprise and industry.
- Industrial Economics helps to understand issues such as the levels at which prices, capacity, and output are set, the variation factor between the commodities, the money to be invested in 'research and development' (R&D) and the require and capacity for advertising, as well as providing insight into how the company should organize its activities.
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