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Analyze the characteristics of competition of industry you are working or have worked in. Suppose you...

Analyze the characteristics of competition of industry you are working or have worked in. Suppose you are a manager of your company. Explain how you make decisions so that the profits of the company can be maximized.

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Answer #1

Consider that I'm working in a country which is a price leader and it sets the price accordingly which all the other firms of the industry follow. In this way, I'm the manager of the company and since our company have the advantage of a price leadership, I indeed get to work accordingly and set the price to the maximum extent when the profits are optimum with respect to changes in demand. Therefore , even if I decrease or increase the prices by one unit, the profits will decrease. So in this way, I set the prices to gain maximum profits.

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