Question

Write importance of industrial economics

Answer 1

Importance of industrial Menns And it considers a whole range of industries, such as electricity generation, car production, and restaurants. The primary objective of industrial relations is to maintain and develop good and healthy relations between employees and employers or operatives and management.

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Answer 2

HEY MATE HERE IS YOUR ANSWER...

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Industrial Economics helps us understand such issues as:

● the levels at which capacity, output, and prices are set;

● the extent that products are differentiated from each other;

● how much firms invest in research and development (R&D)

● how and why firms advertise

●Industrial Economics also gives insights into how firms organise their activities, as well as considering their motivation.

● In many micro courses, profit maximisation is taken as given, but many industrial economics courses examine alternative objectives, such as trying to grow market share.

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