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List the basic economic factors that establish product pricing.

  • List the basic economic factors that establish product pricing.
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Answer #1

Factor that establish product pricing are

1-demand when demand of a product is high then the price of the product will increase

2-cost of a product in which many cost during the production like fixed cost, variable cost etc.

3- marketing method in which various marketing method like advertisement, distribution system, packaging of the product and customer services etc included.

4-Government policy ,in some cases when the price of the product is very high then government interven and regulates the price of that commodity.

5-profit maximization, every firm want to earn more profit so in short run firm can increase the price and earn more profit.

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