Applied Economics

Quarter 1 – Module 4:
Determining the Implications of
Market Pricing on Economic
Decision Making
ABM - Grade 12
Applied Economics
Alternative Delivery Mode
Quarter 1 – Module 4: Determining the Implications of Market Pricing on Economic
Decision Making
First Edition, 2020

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 Applied
Economics
Quarter 1 – Module 4:
Determining the Implications of
Market Pricing on Economic
Decision Making
Introductory Message
For the facilitator:

Welcome to the Applied Economics Grade 12 Alternative Delivery Mode (ADM)

Module on Determining the Implications of Market Pricing on Economic Decision
Making !

This module was collaboratively designed, developed and reviewed by educators

both from public and private institutions to assist you, the teacher or facilitator in
helping the learners meet the standards set by the K to 12 Curriculum while
overcoming their personal, social, and economic constraints in schooling.

This learning resource hopes to engage the learners into guided and independent
learning activities at their own pace and time. Furthermore, this also aims to help
learners acquire the needed 21st century skills while taking into consideration
their needs and circumstances.

In addition to the material in the main text, you will also see this box in the body of
the module:

Notes to the Teacher

This contains helpful tips or strategies
that will help you in guiding the learners.

As a facilitator you are expected to orient the learners on how to use this module.
You also need to keep track of the learners' progress while allowing them to
manage their own learning. Furthermore, you are expected to encourage and assist
the learners as they do the tasks included in the module.

ii
For the learner:

Welcome to the Applied Economics 12 Alternative Delivery Mode (ADM) Module on

Determining the Implications of Market Pricing on Economic Decision Making !

The hand is one of the most symbolized part of the human body. It is often used to
depict skill, action and purpose. Through our hands we may learn, create and
accomplish. Hence, the hand in this learning resource signifies that you as a
learner is capable and empowered to successfully achieve the relevant
competencies and skills at your own pace and time. Your academic success lies in
your own hands!

This module was designed to provide you with fun and meaningful opportunities
for guided and independent learning at your own pace and time. You will be
enabled to process the contents of the learning resource while being an active
learner.

This module has the following parts and corresponding icons:

What I Need to Know This will give you an idea of the skills or
competencies you are expected to learn in
the module.

What I Know This part includes an activity that aims to

check what you already know about the
lesson to take. If you get all the answers
correct (100%), you may decide to skip this
module.

What’s In This is a brief drill or review to help you link

the current lesson with the previous one.

What’s New In this portion, the new lesson will be

introduced to you in various ways such as a
story, a song, a poem, a problem opener, an
activity or a situation.

What is It This section provides a brief discussion of

the lesson. This aims to help you discover
and understand new concepts and skills.

What’s More This comprises activities for independent

practice to solidify your understanding and
skills of the topic. You may check the
answers to the exercises using the Answer
Key at the end of the module.

What I Have Learned This includes questions or blank

sentence/paragraph to be filled in to
process what you learned from the lesson.

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 What I Can Do This section provides an activity which will
help you transfer your new knowledge or
skill into real life situations or concerns.

Assessment This is a task which aims to evaluate your

level of mastery in achieving the learning
competency.

Additional Activities In this portion, another activity will be given

to you to enrich your knowledge or skill of
the lesson learned. This also tends retention
of learned concepts.

Answer Key This contains answers to all activities in the

module.

At the end of this module you will also find:

References This is a list of all sources used in

developing this module.

The following are some reminders in using this module:

1. Use the module with care. Do not put unnecessary mark/s on any part of
the module. Use a separate sheet of paper in answering the exercises.
2. Don’t forget to answer What I Know before moving on to the other activities
included in the module.
3. Read the instruction carefully before doing each task.
4. Observe honesty and integrity in doing the tasks and checking your
answers.
5. Finish the task at hand before proceeding to the next.
6. Return this module to your teacher/facilitator once you are through with it.
If you encounter any difficulty in answering the tasks in this module, do not
hesitate to consult your teacher or facilitator. Always bear in mind that you are
not alone.

We hope that through this material, you will experience meaningful learning
and gain deep understanding of the relevant competencies. You can do it!

iv
 What I Need to Know

This module was designed and written with you in mind. It is here to help you
master the nature of Biology. The scope of this module permits it to be used in
many different learning situations. The language used recognizes the diverse
vocabulary level of students. The lessons are arranged to follow the standard
sequence of the course. But the order in which you read them can be changed to
correspond with the textbook you are now using.

The module will discussed about Market Price System.

After going through this module, you are expected to:

1. Explain how prices act as a signal
2. Describe the advantage of using price as a way to allocate resources
3. Understand the role played by price in production and marketing decision
making.
4. Analyze the impact of price changes on supply and demand.
5. Understand the difficulty of allocation when we don’t use the price system

1
 What I Know

Cross Word Puzzle

11

3 6

1 12

2 M I T E O

8 9 T
5

10 U
G
4 Y

Down
1 It controls the size of the ration, which is one's allowed portion of the
resources being distributed on a particular day or at a particular time.
3 ________________analysis is the process of using competitive
intelligence to analyze the strengths and weaknesses of a company's
marketplace competitors.
6 The monetary value of a product as established by supply and
demand- is a signal that helps us make our economic choices.
7 In business and economics, it refers to the degree to which
individuals, consumers or producers change their demand or the
amount supplied in response to price or income changes.
9 Relationship between the quantity of a commodity that producers
wish to sell at various prices.
11 It is an amount paid by way of reduction, return, or refund on what
has already been paid or contributed.
12 A ________ leader is a pricing strategy where a product is sold at a
price below its market cost to stimulate other sales of more profitable
goods or services.

2
 13 Or vouchers offering discounts on particular goods or services.

ACROSS
2 It is a transaction related cost.

4 The pricing system allows us to allocate our resources most ________.

8 For your business you need to know your _______to determine your
price.
10 A person, company, or country that makes, grows, or supplies goods
or commodities for sale.

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Lesson

1 Price
In the previous module lesson 1, we have learned demand from the point of view of the consumer,
which is, demand is how much of something (goods or services) people want and are willing to buy
and consume in a given period of time. While in lesson 2 we have learned about supply from the
point of view of the producer, which is, supply is how much of something a supplier (or firm) have
that are ready and available for sale in a given period of time. Put the two together and there you
have supply and demand curve. And in lesson 3, we hav learned about market equilibrium and factor
affecting market equilibrium. Now, how do we show the relationship between the two (supply and
demand)? And how market equilibrium been useful in determing the market price of goods. One
way is to use the price of something (goods or services). Finally, in this module we will learn about
price and how it serves as a communicator between the two (supply and demand) in their fight to
find equilibrium in the market.

What’s In

The market Model.

Price Demand Demand Demand

Market
from from from
Supply
Firm X Firm Y Firm Z
7 3,300 3,300 3,300 3,300
8 3,100 2,900 3,100 6,200
9 2,800 2,500 2,900 8,200
10 2,500 2,100 2,700 10,000

1. The market demand for computer is made up of the demand from 3

firms, X, Y, and Z. The table shows the demand for each firm and the
market supply. What is the equilibrium price in the market?
2. Draw the demand and supply curve and properly label the market
equilibrium price.

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 What’s New

What is wrong with this picture?

This is a series of photos depicting scenes we'll likely never see in the real world.
Identify what is wrong with the photos and explain why it is so.
Photo # 1 Photo # 2

Photo #3 Photo #4

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 What is It

Suppliers or Firms Choose Prices

Firms determine prices by looking to its supply and demand curve. Supply and
Demand are two very strong market concepts. Studying the two of them can give
you a good idea of what people like to buy and sell. And you can track both supply
and demand by comparing the price of an item over time. But once firms have to
start worrying about the strategies of their competitors, making a decision become
surprisingly complex. Each choice that a firm makes concerning what goods and
services to produce, how to make them, how to sell them, how to price them and so
on, is now complicated by the fact that all comepetitors are making similar choices.
We start by thinking about the case where firms set prices, beginning with two
firms selling exactly the same products. A classic example is a two water refilling
station( A & B ) in the same subdivision or community. Each of which has to
choose what price to set for the purified water that it sells. We will first take a look
as the choice of Water Refilling Station A and then study what happens when the
two Water Station interact. Also, we will make a simplyfying assumpotion, which is
reasonable for water refilling station retailers, that marginal cost is constant.
The Pricing Decision of a Water Station.
First we need to know the shape of the demand curve facing Water Station A. We
will look at the pricing decision of A. The owner of this water station can look
across the street and see the price set by Water Refilling Station B. Suppose, for
example, B is selling purified water for 20 pesos per 5 gallon of water container.
What does the demand curve for Water Station A looks like?

 If water station A charges a price greater than 20 pesos per 5 gallon

jug, all its potential customer will go across water station B. The
quantitiy demanded will be zero.
 If water station A charges a price less than 20 pesos per 5 gallon jug, it
can capture the entire market. The demand curve face by water station
A is the same as the market demand curve.
 If water station A sets a price of exactly 20 pesos per 5 gallon jug of
water, then the two firms will divide up the market.

We illustrate this demand curve in Graph 3.1 "The Demand Curve Facing Water
station A, Taking as Given the Price Set by a Competitor".

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 Water Station A
Price

Market Demand
Php20.00 Water Curve

Station B Price
Graph 3.1
Quantity
50,000 unit demanded

The above graph shows the demand curve facing Water Station A in a market where
two water station are setting their prices per 5gallon of purified water.
If Water Station B sets a price of 20 pesos, what should Water Station A do? As
long as 20 pesos is greater than the marginal cost, Water Station A makes the most
profit if it undercuts Water Station B a little bit. If it sets a price of 19 pesos, it can
capture the entire market, whereas if it sets a price of 20 it gets only half the
market. But exactly the same is true of Water Station B. For any given price that
Water Station A sets, Water Station B would do better to undercut it by a penny.
Competition provides a strong incentive for firms to cut their prices.
Market Equilibrium
We have discussed so far was how one business will respond to the price of other,
but we don’t yet know where these business will end up. We do not yet know what
the equilibrium will look like. In the previous chapter, we have learned that the
word equilibrium in the context of supply and demand, denoting the point where
the supply and demand curves intersect. In a free or open economy the idea of
equilibrium goes beyond this, however: it denotes a situation of balance in which
no one has any desire to change what is being done (John Nash – Nash Equilibrium,
a mathematician who won a Nobel Prize in Economics for this and other contribution).
The two water station will continue to choose prices. So far, we have seen that –
taking B’s price is given – A will want to set a lower price. For example, if B sets a
price of 20 pesos, A will set a price of 19 pesos. B would still like to do something
different, B will set the price of 18, and so on. This process will stop only when the
purified water prices equal marginal cost. Thus we can make an educated guess: in
the Nash equilibrium theory, each firm sets its price equal to the marginal cost of
production. In this equilibrium, both firms earn no profits.
Applied to the real world, economists use the Nash equilibrium to predict how
companies will respond to their competitors' prices. Two large companies setting
pricing strategies to compete against each other will probably squeeze customers
harder than they could if they each faced thousands of competitors.

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What is Price Then?
1. therefore clearing the market.
2. Rationing function: Again a question of limited resources vs. unlimited
wants.
Transmission function: Prices transmit information to various actors
Price is a major determinant of the market demand for an item. In a free or open
economy, the market determines the price of a good. So, what is price? Price is the
amount of money that has to be paid to acquire something or a given
product/services. Insofar as the amount of people are prepared to pay for a
product represents its value, in this way price is also a measure of value.
The monetary value of a product as established by supply and demand- price acts
as a signal for shortages and surpluses which help firms and consumers respond
to changing market conditions..
Generally the major functions of price include;
1. Distributive function: for whom to produce, where to produce. Goods and
resources are limited, but needs and wants are unlimited; so price will
determine affordability and those with the buying power will have the limited
2. Allocative function: what, when, for whom to produce.
3. Signalling function: Prices signal the demand and supply situations.
Shortages are reflected in high prices, and surpluses are reflected in lower
prices.
4. Equilibrating function: prices facilitate matching of demand and supply in
the market thus enabling them to make informed decision on what and
when to buy and sell.
5. Provision of incentive: prices act as incentives/disincentives to consumers
and producers.
6. Enhancing marketing efficiency and performance: correct price signals
will oil the marketing machine. However wrong signals on price will hinder
smooth functioning of the market thus resulting in poor performance.
7. Determining decision making with respect to the following aspects:
 Production system: what to produce, by whom, and where to produce.
 Industrial location
 Product market areas and market boundaries

ADVANTAGES OF PRICES

1. Neutral
 Does not favor consumer or producer.
 The more competition the more efficient
2. Flexible
 Can absorb shock. War, disasters, weather. People adapt and adjust
consumption & production.
 When unforeseen events occur, price adjusts
3. Freedom of Choice

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  There are Substitutions.
 Freedom to decide to buy.
4. No Administrative Cost
 No government cost, No bureaucrats.
 Competitive markets find their own prices.
 Price adjusts peoples buying habits.
5. Efficient
 People naturally understand prices
 Price is firm and speaks every language. Everyone understands it and
respects.

ALLOCATION WITHOUT PRICES

Without prices, another system must be used to decide who gets what. One method
is RATIONING- a system under which an agency such as government decides
everyone’s fair share. Each person receives a ration coupon. Rationing was used
during WWII to allocate needed supplies to the war effort. It was also used in the
1970s when Oil supplies were severely restricted.

PROBLEMS WITH RATIONING

1. Problem of Fairness- What is “fair”?

2. High Administrative Cost.

3. Diminished Incentives. Everyone shares equally so why work?

PRICE SYSTEM AT WORK

The pricing system allows us to allocate our resources most efficiently. Remember,
the problem of scarcity is fundamental. Resource allocation is crucial to a strong
economy. Prices not only help individuals in specific markets, they serve as signals
that help allocate resources between markets. Everyone who participates has a
hand in determining prices- that’s why economists consider prices neutral and
impartial.

Buyers and sellers operate with opposite hopes and desires:

 Buyers want low prices

 Sellers want high prices
 Both sides have to compromise because neither side will get what it
wants. Both sides must also benefit from the compromise or the
transaction will not happen.

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 PRICE ADJUSTMENT PROCESS

Economists use an Economic Model that analyzes behavior and makes

predictions. What is an economic Model? - A set of assumptions that can be listed
in a table, illustrated with a graph, or even stated algebraically- to help analyze
behavior and predict outcomes. This model helps us to analyze how the interaction
of buyers and sellers results in a price that is agreeable to all. This economic model

This can be all be shown in relation to supply and demand of the product or service
and how

Market Equilibrium – occurs when prices are stable and the quantity
of goods/services supplied is equal to the quantity demanded.
 Surplus – situation in which the quantity supplied is greater
than the quantity demanded at a given price. Price tends to
drop as a result of surplus. Small Surplus = Small drop in price;
Large Surplus = Large drop in price.

 Shortage – situation in which the quantity demanded is greater

than the quantity supplied at a given price.

 Equilibrium Price – is price that “clears the market” by leaving

neither a surplus nor a shortage. Equilibrium is reached
because of the pressure that surpluses and shortages have on
prices. Price High = Surplus forces it down. Price Low =
Shortage will force it up.

What’s More

How Important is Price?

In this exercise, you are presented with eight product alternatives, as you would
find in a supermarket environment. As you will see, price is simply one aspect of
the consumer’s perception of value. So review the following list of pasta sauces,
which one would you buy?

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ACTIVITY/TASK

Brand Positioning/Marketing Price

The leading brand name – heavily advertising on TV

A 99.99
for 20 years – well known and recognized

B Imported from Italy – authentic Italian pasta sauce 99.99

A fairly well-known brand, normally retails at $3.80 –

C 90.39
on special for one week only

D A well-known brand that gives ALL profits to charity 91.25

Locally-made pasta sauce – ‘help support the local

E 70.99
community’

F An unknown brand 50.49

An unknown brand with an unusual flavor of sauce –

G 50.99
not offered by the other brands

H The supermarket (private label) brand 50.69

Reference https://www.greatideasforteachingmarketing.com/how-important-is-price/

QUESTIONS

1. Which one pasta sauce would you purchase? Why?

2. How does your selection compare to your fellow

students?

3. Therefore, how important was the role of price in the overall purchase
decision?

4. Considering the popular choices, what aspects of the product’s

positioning appears to be the most effective in generating sales?

11
Rubric: Essay will be evaluated based on the following standards.
Familiarize yourself with this criterion.

5 points The student has created an essay that addresses the

given assignment and purpose. He or she focuses on one main idea
or thesis statement and supports this generalization with
appropriate and relevant specific details, examples, facts, and
evidence, either from personal experience or other sources. No
crucial points are overlooked, and there is no padding with
irrelevant details. Whe required, effective and accurate
documentation is evident, with no plagiarism of sources.
3 points The student has a clear main idea, but the support for it is
uneven. He or she does not explain all points very clearly or
convincingly. Sometimes he or she goes off on a tangent and
includes irrelevant details. At times, it does not seem that the
writer understands or has control over the sources and opinions
used. If called upon to use outside sources, the writer quotes,
paraphrases, summarizes only somewhat effectively.
1 point It is difficult to determine the writer's main point in the
essay. The writer does not explain points effectively, if at
all. Facts uses are inaccurate, out of date, or irrelevant The
writer even resorts to copying and quoting chunks of info from
other writers without explanation or analysis. He or she seems
only interested in getting something down on paper and handing it
in.

What I Have Learned

A. Class/Homework Discuss: price, rationing, and rebate.

List the advantages of using prices to distribute economic products in
your journal.
Explain the difficulties of allocating goods and services without a price
system.
From your own experience during this time of pandemic, describe a situation that
required rationing. What criteria were used to allocate the goods or services, and
what were some of the problems with each of the criteria?

What I Can Do

12
 Use applied economics in solving the given problem.

The world is facing a global pandemic. All nations around the world are
experiencing lockdown because of the emerging new virus that causes the death of
millions of the population in every country. At the same time, world economy is
spiraling downward causing an exponential growth of unemployment. Government
now decreases their ability to provide needs to the people. Thus, Japan has
considered closing school and changing the way they work, using remote working
and moving businesses online, to keep the economy running. They will also need to
deal with changing family relationships as more people work from home.

The Philippine government is also confronted with the same issues like limited
resources because of the ever growing unemployment in the country’s. Because of
that, numerous crimes had been reported. If you were the government, what can
you possibly do to secure an efficient allocation of resources to the population? Will
you control the influx of population? If yes, how? If no, what other solutions can be
done to assure that all Filipinos will be given the chance to meet their needs and
even wants? Explain your answer and cite examples.

Rubrics
5 points The student has created an essay that addresses the
given assignment and purpose. He or she focuses on one main idea
or thesis statement and supports this generalization with
appropriate and relevant specific details, examples, facts, and
evidence, either from personal experience or other sources. No
crucial points are overlooked, and there is no padding with
irrelevant details. When required, effective and accurate
documentation is evident, with no plagiarism of sources.
3 points The student has a clear main idea, but the support for it is
uneven. He or she does not explain all points very clearly or
convincingly. Sometimes he or she goes off on a tangent and
includes irrelevant details. At times, it does not seem that the
writer understands or has control over the sources and opinions
used. If called upon to use outside sources, the writer quotes,
paraphrases, summarizes only somewhat effectively.
1 point It is difficult to determine the writer's main point in the
essay. The writer does not explain points effectively, if at
all. Facts uses are inaccurate, out of date, or irrelevant. The
writer even resorts to copying and quoting chunks of info from
other writers without explanation or analysis. He or she seems
only interested in getting something down on paper and handing it
in.

Assessment

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Multiple Choice. Choose the letter of the best answer. Write the chosen letter on a
separate sheet of paper.
1. Market is a place where the consumers and producers meet and interact. What
do you call the price where both of them agreed to buy and sell goods and services?
A. Equilibrium Quantity
B. Equilibrium Point
C. Equilibrium Price
D. Equilibrium Schedule

2. Economic activity refers to the processes involved in the economy. Which of the
following involves the use of economic resources to create goods and services in an
economy?
a. Production
b. Consumption
c. Distribution
d. Exchange

3. It is being defined as an economic condition wherein a particular resource in the

economy cannot sustain the production level for a short period of time. What
economic concept is being referred by this definition?
a. Scarcity
b. Surplus
c. Hoarding
d. Shortage

4. Opportunity Cost is one of the main concepts in the study of Economics. Which
of the following BEST described it?
a. It is the value of the best alternatives or choices given to a certain economic
problem.
b. It is the value of the next best possible alternatives or choices given to a certain
economic problem.
c. It is what a person chose among the given alternatives or choices.
d. It is what the person accepted to solve an economic problem.

5. Economics deals with choosing the best possible decision out of the wide range
of choices or alternatives that we have in life. Which of the following situations
show the BEST economic decision?
a. Gloria saw a dress which is sale for 50%-off at SM Megamall. She decided to buy
2 of the said dress.
b. Cecile bought a buy 1 take 1 burger along the street.
c. Marian decided to buy a strawberry shake in the next barangay which is 1-peso
cheaper than the price of her eighbour.
d. Kim purchased a cellphone with an original price of Php. 7,599.00 less her free
10% voucher.

6. A price below the equilibrium price results in

A) a further price fall. B) a shortage.
C) excess supply. D) a surplus.

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7. Which of the following correctly describes how price adjustments eliminate a
shortage?
A) As the price falls, the quantity demanded increases while the quantity supplied
decreases.
B) As the price rises, the quantity demanded decreases while the quantity supplied
increases.
C) As the price falls, the quantity demanded decreases while the quantity supplied
increases.
D) As the price rises, the quantity demanded increases while the quantity supplied
decreases

8. Producers of Walkmans are able to lower the wage rate that they pay to their
workers. Walkman Watch asks you to predict the effect on the Walkmans. You
predict that the
A) quantity supplied will decrease. B) price will rise.
C) supply curve will shift leftward. D) supply curve will shift rightward

9. In how it is produced, what are the two techniques used for an efficient and
effective production?
a. Capital intensive and machine intensive technique
b. None of these are correct
c. Artificial intelligence and robot technique
d. Labor intensive and capital intensive technique

10. The following are considered as consumer goods EXCEPT:

a. Hermes bag c. Water
b. Food d. Clothing

Additional Activities

Class/Homework
1. Explain how a change in demand can affect prices.
2. Describe how prices are determined in a competitive market.
3. Explain why economic models are useful.
Do your notecards.

Activity
Commodities and their peak, market, and marginal prices
A. Commodity: Samsung Cellular Phone
1. Why is it valuable? List as many reasons as you can.

15
 2. How is it in Peso? (What are the highest, lowest, and actual amounts
people pay?)
B. Commodity: 3 in 1 Epson Printer (scanner, copier, printer)
1. Why is it valuable? List as many reasons as you can.
2. How is it in Peso? (What are the highest, lowest, and actual
amounts people pay?)
Use the table below to answer #2 of Commodity: A & B

Highest Possible Price Actual/Average Price Lowest Price

____________ _____________ ________________
“Peak” Price “Market” Price “Marginal” Price
Why? List as many Why? List as many Why? List as many
reasons as you can reasons as you can reasons as you can

Answer Key

Assessment What's More What I Know

1. A Photo #1 1. A
2. B 2. B
3. C 3. C
4. D 4. D
5. A 5. A

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References

https://www.oerafrica.org/FTPFolder/Agshare/Marketing%20and%20Price
%20Analysis/functions_of_prices.html

http://www.socialstudiesforkids.com/articles/economics/supplyanddemand2.htm

https://www.britannica.com/topic/price-economics

https://www.yourarticlelibrary.com/accounting/pricing-decisions/pricing-decisions-influencing-
factors-methods-and-economic-approach/52788

17
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