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Discuss the main factors that determine product prices in the UK

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documents in English
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3 pages
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  1. Introduction
  2. Two main types of firms' objectives
  3. Problems with theoretical explanations
  4. The idea that prices are closely related to costs
  5. Conclusion
  6. Bibliography

Predicting firms' behaviour and reactions to events is central for recent microeconomics. Economists have indeed put forward many theories to analyse firms' behaviour, main decisions of economic interest relate to outputs, investment, technology and above all prices which is the object of this essay. Price can be defined by ?the value of the goods or money that must be given up to acquire a good or service? or, more economically by the average revenue, which corresponds to the total revenue / total output. Generally, it corresponds to the intersection point of the demand and the offer curves. The aim of this essay is to analyse and critically discuss the main factors that determine product prices in the UK. I shall argue that prices depend certainly on firms' objectives and market structure but more importantly on costs and firms' strategies.

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