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Business Economics Essay
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Try to embed relevant economic concepts and theories to support your analysis (key chapters are: 2-4)
Use relevant diagram(s) to illustrate and further support your argument
Info on plagiarism: https://www.abdn.ac.uk/sls/online-resources/avoiding-plagiarism/
It is often the case that firms do not have control over the price of key inputs they use. For example, pharmaceutical companies often use petrochemicals, but they have no control over the world market price for crude oil. If the cost of a key input rises, can the firm pass those higher production costs along to consumers in the form of higher prices? Critically discuss.
The particular sector is given as an example to motivate the discussion. For the essay there is no need to focus on any particular firm or industry
This is the question that you need to answer
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