Products : Petroleum, Natural gasand other petro chemicals
Company type : Publicaly traded company, trusted company
Practices : Social responsible practices as follows:
1) Occupational Safety
2) Health category
Company Details : International Transpiracy, Transperant company.
Economic Concepts : 1) Law of Supply and law of demand
2) Availability of substitutes
3) Equi marginal Principle
4) People respond to incentives
5) Perfect Price discrimination
1) Law of supply and Law of demand :
a) Law of supply : Here the producers of petrol, Extended periods of high oil prices leads to consumers ignore of vehicles due to availability of ola or ubar facilities they have or reducing in the driving.
b)Law of Demand : In this firm when the market hit the new highest priceof petrol, the price increses automatically which results in decrease of oil demand in the customer which effects the law of demand.
2) Availability of substitutes : There are many substitutes for oil like electricity, diesel. Degree of responsivness of a change in price on the demanded quantity of petrol which results in buying the other substitutes to petrol.
3) Equi marginal principle : When price of petrol increases we might continue using petrol by allocating other resources as it is compulsory to meet the desired requirements of the customer as he has to drive and make it for his meeting in time by his own vehicle which some customers prefer rather than going in cabs which decreases there self esteem
4) People respond to incentives : During demonitization time this company had bought a concept of deducting 0.5% of price if they pay it from there credit or debit cards which is an incentive that they made us to purcahase petrol from them.
5) Perfect Price Discrimination : As in petrol we cannot do Auctions and we have to pay the prices as per suppliers fixation of price if changes it changes everywhere.
Company type : Publicaly traded company, trusted company
Practices : Social responsible practices as follows:
1) Occupational Safety
2) Health category
Company Details : International Transpiracy, Transperant company.
Economic Concepts : 1) Law of Supply and law of demand
2) Availability of substitutes
3) Equi marginal Principle
4) People respond to incentives
5) Perfect Price discrimination
1) Law of supply and Law of demand :
a) Law of supply : Here the producers of petrol, Extended periods of high oil prices leads to consumers ignore of vehicles due to availability of ola or ubar facilities they have or reducing in the driving.
b)Law of Demand : In this firm when the market hit the new highest priceof petrol, the price increses automatically which results in decrease of oil demand in the customer which effects the law of demand.
2) Availability of substitutes : There are many substitutes for oil like electricity, diesel. Degree of responsivness of a change in price on the demanded quantity of petrol which results in buying the other substitutes to petrol.
3) Equi marginal principle : When price of petrol increases we might continue using petrol by allocating other resources as it is compulsory to meet the desired requirements of the customer as he has to drive and make it for his meeting in time by his own vehicle which some customers prefer rather than going in cabs which decreases there self esteem
4) People respond to incentives : During demonitization time this company had bought a concept of deducting 0.5% of price if they pay it from there credit or debit cards which is an incentive that they made us to purcahase petrol from them.
5) Perfect Price Discrimination : As in petrol we cannot do Auctions and we have to pay the prices as per suppliers fixation of price if changes it changes everywhere.
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