From the microeconomics theories that you have studied, provide TWO suggestions for the cement industry to...

From the microeconomics theories that you have studied, provide TWO suggestions for the cement industry to achieve a sustainable growth

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Two economic theories that the cement industry should follow in order to achieve sustainable growth:

Behavioural economics: Behavioral economics helps businessmen to understand the behaviour and preferences of the consumers and understand what they demand. This theory will help businessmen of cement industry to provide good and strong quality of products to the builders and consumers so that they gain the trust of the organization and stick with the organization for a longer period of time.
Law of demand: in order to increase the demand for its products, cement industry owners should understand the law of demand. Law of demand states that when the prices of goods and services are low, demand if goods and services increases. So, if owners of the cement industry decrease the prices of their products, demand will increase and will help the industry to sustain in the market for a longer period of time.

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Rahul Sunny answered 1 year ago

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