Based on my professional training as an economist and my personal experience, these are some of the concepts I would like to share with you. It is my hope that this essay will help to clarify the decision-making process and help you make choices that will improve your well-being.
The decision-making issues related to innovation fall into two categories. The first phase is what it takes to bring the idea to fruition — to create the product or the process for the first time. The second phase is the production, marketing and distribution of it in order to make the novel creation — the innovation — available to the firms and consumers who are its potential customers.
A look at the monopolist’s pricing options and their effects