Search results
Results from the WOW.Com Content Network
In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity ...
e. In industrial process engineering, mixing is a unit operation that involves manipulation of a heterogeneous physical system with the intent to make it more homogeneous. Familiar examples include pumping of the water in a swimming pool to homogenize the water temperature, and the stirring of pancake batter to eliminate lumps (deagglomeration).
Cournot competition. Appearance. Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time. It is named after Antoine Augustin Cournot (1801–1877) who was inspired by observing ...
Affinity laws. The affinity laws (also known as the "Fan Laws" or "Pump Laws") for pumps/fans are used in hydraulics, hydronics and/or HVAC to express the relationship between variables involved in pump or fan performance (such as head, volumetric flow rate, shaft speed) and power. They apply to pumps, fans, and hydraulic turbines.
A good's price elasticity of demand ( , PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good (law of demand), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent ...
Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set. The model was formulated in 1883 by Bertrand in a review of Antoine Augustin Cournot ...
Gender-based price discrimination is the practice of offering identical or similar services and products to men and women at different prices when the cost of producing the products and services is the same. [ 52 ] In the United States, gender-based price discrimination has been a source of debate. [ 53 ]
Pricing strategies determine the price companies set for their products. The price can be set to maximize profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market.