Question

What is the significance of industrial economics

Answer 1

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.

Answer 2

SIGNIFICANCE-:::::---

Industrial Economics helps in understanding issues such as the levels by which the capacity, prices and the output are set, the differentiation factor in between the products, the amount to be invested in research and development, and the need and capacity of advertising, apart from giving an insight about how the firm should organize their activities.

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