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Price Theory Essay Sample

This essay sample is based on Price Theory for Singapore students. We will cover the Concept of price theory, Microeconomics and price theory, Limitations of price theory, etc.

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With this essay example, you will learn about price theory in a more thorough way. If students from Singapore want to download it themselves they can approach our experts who provide custom-made essays according to their school and college needs.

Introduction- Price Theory Essay

In this sample essay, we shall be discussing the topic of price theory. If you are a student of economics, there are high chances that you might have heard of this theory. This is because the theory of price has widespread use in economic applications. In fact, one can regard it as one of the most important theories in modern economics. The reason behind this will be discussed later in the sample essay.

Main body- Price Theory Essay

Concept of price theory

This theory of economics that is used to determine the “price” of a given service with respect to its supply and demand. In addition, it is a micro-economical concept. This theory says the most optimal market price for a product or service is the point where the demand meets the margin cost of the seller.

Furthermore, the main aim of this theory is to provide equilibrium between the number of goods & services. In addition, it also concerns with the market demand as well as the ability of businesses to acquire those goods or services. As a result, the theory is a flexible one as it allows changes in applications proportional to the change in the market.

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Microeconomics and price theory

In simple words, we can say the area of microeconomics largely coincides with the Theory.  They can be used as synonyms. In their true nature, microeconomics and price theories are one and the same things. This is why microeconomics is often referred to as the this theory.

Limitations of price theory

In this section, we shall be looking at the limitations of the theory. They are as mentioned below:

  • Theory only provides guidelines of provided data which is not reliable and maybe even wrong at certain times.
  • It is often not comparable to real-world conditions because of limited data.
  • Assumptions made under the Theory are often considered to be unrealistic.

Conclusion on price theory

This theory is an interesting concept that may change the way you sell your products. While it’s not always appropriate, using price to influence people’s decision-making process in a calculated manner can be very effective.

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