Managerial_Economics_NMBA_012.docx

Managerial Economics (NMBA 012) UNIT-I
“A science that deals with the allocation, or use, of scarce resources for the
purpose of fulfilling society’s needs and wants.” – Addison-Wesley
“A social science that studies and influences human behavior is called Economics”
Definitions Of Economics
The economic science has been differently defined by different economists. Each definitions lays
stress on particular aspect of economic activities. The definitions of economics can be classified
into three parts for convenience. They are wealth definition, welfare definition and scarcity
definition of economics.
1. Wealth Definition Of Economics (Adam Smith)/Classical definition-
The earliest definitions of economics were in terms of wealth. In 1776, Adam Smith, the father
of economics and leader of classical economist published his epoch-making book " An enquiry
into the Nature and Causes of Wealth of Nations", popularly known as wealth of nations. It is
obvious that Adam Smith considered his work to be an enquiry into the nature and causes of
wealth of nations.In other words, he treated economics as a science of wealth. His followers like
J.B Say. J.S Mill and F.A Walker supported him. J.S Mill defined economics as- " The practical
science of the production and distribution of wealth". J.B Say called economics- " The science
which treats of wealth". Walker defined it as- " That body of knowledge which relates to wealth".
Adam Smith was concerned with the broader aspects of wealth, the means by which the total
volume of production could be increased. This has been a recent aim of economic policy. J.S
Mill's definition is wider in the sense that he included problems of both production and
distribution. These two factors influence the standard of living of people.
Adam Smith and his followers treated economics as a science of wealth. The term wealth was
interpreted in a very normal sense to mean abundance money. It implies that the economists are
expected to suggest ways and means of increasing the wealth of a country.
2.Welfare Definition Of Economics ( A. Marshall)/Neo-classical definition-
Alfred Marshall, a neo-classical economist, is the leader of welfare definition of economics. A.C
Pigou and Edwin Cannan supported his view,The emphasis shifted from wealth to material
welfare. It is because wealth is only a means to and end, end being human welfare. As opined by
Marshall- " Economics is, on one side, a study of wealth; and on the other and more important
side, a part of the study of man".
Marshall defined economics in these words- " Economics is a study of mankind in the ordinary
business of life; it explains that part of individual and social action which is most closely
connected with the attainment and with the use of the material requisites of well-being".
3.Scarcity Definition Of Economics (L. Robbins)
Lionel Robbins gave his own definition of economics in his book " Nature and Significance of
Economics" published in 1932. His definition was supported by a long line of economists like
Samuelson, Oskar Lange, Stigler, A,p Lerner, Cairncross and so on.

According to Robbins -" Economics is the science which studies human behavior as a
relationship between ends and scarce means which have alternative uses".
The basic propositions of Robbins definition are as follows:
* Wants or ends are unlimited
* Means are scarce
* Scarce means have alternative uses
* The ends are of varying importance.
MANAGERIAL ECONOMICS
• ‘ME is use of economic mode of thought to analyze business situations’ —McNair & Meriam
• ‘The integration of economic theory with business practice for the purpose of facilitating
decision making and forward planning by management. ---Spencer & Siegelman
• ME applies the principles & methods of economics to analyze problem faced by a management
of a business,and to help find solutions that advance the best interests of such organizations
---Davis & Chang
• Douglas - “Managerial economics is .. the application of economic principles and methodologies
to the decision-making process within the firm or organization.”
• Pappas & Hirschey - “Managerial economics applies economic theory and methods to business
and administrative decision-making.”
• Salvatore - “Managerial economics refers to the application of economic theory and the tools of
analysis of decision science to examine how an organisation can achieve its objectives most
effectively.”
DIFFERENCE BETWEEN ECONOMICS & MANAGERIAL ECONOMICS
Managerial Economics has been described as economics applied to decision-making. It may be
viewed as a special branch of Economics. However, the main points of differences are the
following:
1. The traditional Economics has both micro and macro aspects whereas Managerial Economics
is essentially micro in character.
2. Economics is both positive and normative science but the Managerial Economics is essentially
normative in nature.

3. Economics deals mainly with the theoretical aspect only whereas Managerial Economics deals
with the practical aspect.
4. Managerial Economics studies the activities of an individual firm or unit. Its analysis of
problems is micro in nature, whereas Economics analyzes problems both from micro and macro
point of views.
5. Sound decision-making in Managerial Economics is considered to be the most important task
for the improvement of efficiency of the business firm; but in Economics it is not so.
6. The scope of Managerial Economics is limited and not so wide as that of Economics.
Thus, it is obvious that Managerial Economics is very closely related to Economics but its scope
is narrow as compared to Economics. Managerial Economics is also closely related to other
subjects, viz., Statistics, Mathematics and Accounting. A trained managerial economist
integrates concepts and methods from all these disciplines bringing them to bear on business
problems of a firm.
NATURE OF ECONOMICS
• Science deals with ‘things to know’, but art deals with ‘things to do’.
• Science is a theoretical aspect whereas Art is a practical aspect. In economics we study
consumption, production, public finance etc, which provide practical solutions to our daily
economic problems.
• Study of cause and effect of inflation or deflation falls within the purview of science but framing
appropriate and suitable monetary and fiscal policies to control inflation and deflation is an art.
• Science is the relationship between causes and effects.
Classification of Science :
a. Positive Science (What is? What was? What will be?) – actual happenings.
Examples of Positive statements :
- India is an over-populated country.
- Prices in Indian economy are constantly rising.
b. Normative Science (What ought to be?)
Examples :
- Fundamental principle of economic development should be the development of rural India

- GDP should be increased.
C. Social Science- Economics efforts for society well being
examples-employment raising, reducing poverty etc.
Normative or positive economics
Economics is both positive and normative science. It is the study of facts as well as ideal theories and
principles too. It can be explained as following:
a) Positive economics
Economics is positive science. It is the study of facts or things in reality or existence. In economics the
large number of economic problems or questions like what are produced, how goods are priced and
distributed, how much profit is earned by firms, what different type of resources are available, hoe the
resources are utilized, who are performing different economic activities, why the economic problems
are occurring, why is the country suffering from unemployment, price instability, economic instability,
import dependency and so on are put and answered. There are different theories laws and principles
based upon facts we study in economics. That’s why economics is called positive science
b) Normative economics
Economics is normative science. It is the study of things ought to be. In economics, we study different
ideal theories and principles. They are concerned with different economic problems. They give us ideas
for overcoming of different economic problems. They are helpful to formulate proper policies and plans.
They are helpful to solve the problems of unemployment, import dependency, improper allocation of
resources, price and economic instability, unequal distribution of income and wealth and so on.
Economics helps us to decide how much goods should be produced, how much they should be priced,
hoe the government should control money supply, interest rate, public debt, government expenditure
etc , how the consumer should allocate the money to get maximum satisfaction from the expenditure,
how the firms should combine the inputs to earn maximum profit and so on. This all have ethical
importance. That’s why economics is call normative science.
Economics is a science or an art
Economics is both art and science. It is called a science because it is the scientific study of relationships
between economic variables, behavior of consumers and firms, nature of market and economy, effect of
change in one or more economic variables on the others and so on. The different theories, laws and
principles are studied in economics. All of them are generalized and simplified on the basis of facts so as
to make them easily understandable. Therefore, economics is said to be science.
Economics is an art. The different theories, laws are explained with the help of graphs, figures, tables,
charts, equations etc simplifying and generalizing them. Simplification is to make them easily

understandable and generalization is to make them applicable to all economies. In order to explain
theories, laws and relationships between economic variables we make some assumptions. The
assumptions define the conditions for the application of theories, laws andd the relationships. That’s
why economics is an art.
Branches of economics:
a. Microeconomics: Concerned with the behavior of individual entities such as consumers, firms and
households.
b. Macroeconomics: Concerned with the overall performance of the economy. This concept came into
being after 1935 when General Theory of Employment, Internet and Money was published by John
Maynard Keynes.
c. Econometrics: Applies the tools of statistics to economic problems.
Importance of microeconomics:
1. Important to the consumers
Microeconomics provides the ways for proper allocation of money on different goods and services so
that they can get maximum utility. There are different theories of consumers behavior, the theories
explain how the consumers should spend the limited money they have to maximize their satisfaction
2. Important to the firms or businessmen
The firms or businessmen use the microeconomic theories of consumer behavior, production, cost,
market, revenue and so on to make proper economic decisions. The microeconomics helps them to
know the purchasing power of ability to pay, proper combination of inputs to maximize cost or maximize
profit, effects of change in tax rates, subsidies and so on
Importance of macroeconomics
1. To know the relationship between macro economics variables:
The macroeconomics helps us in the study of relationship between large numbers of macro economics
variables. The variables are Aggregate consumption, Aggregate income, aggregate saving, Aggregate
investment, Aggregate demand, Aggregate supply, Price level
2. To know the functioning of economy
Macroeconomics helps us to know how the economy functions, how it is regulated, For it macro
economics provides us the knowledge of product market, labor market, capital market, land market,
international trade market etc. it informs us the country can achieve equilibrium only if all of the
markets are in equilibrium.
3. To correct unfavorable balance of trade and payment

Macroeconomics provides us different theories of international trade. It provides us different remedies
of import dependency and greater outflow of money from the country. The government or country may
adjust custom duty, exchange rate, transaction of gold etc to promote export and to reduce import.
4. To achieve high economic growth and employment level
With the help of theories and models of economic growth and employment we can induce investment
increase in income and employment opportunities
METHOD OF ECONOMICS STUDY
A. Deductive method : According to Wilson Gee : “By deductive method is meant the reasoning from
general to particular or from universal to individual”Example – “Man is mortal”
Macro economic theories (national income, employment, price level and international trade) are based
upon deductive/scientific method.
B. Inductive/Concrete method : According to Wilson Gee : “Inductive method is the process of reasoning
from particular to general or from individual to universal.”
Micro economic theories are based upon inductive method.
economic problem.
The problem of choice making arising out of limited means and unlimited wants is called economic
problem.
Why do economic problems arise?
- Unlimited wants
- Different priorities
- Limited means
- Means having alternative uses.
- Every society must have to determine what goods are produced, how these goods are
made, and for whom these goods are produced. These three fundamental questions of
economic organization- what,how and for whom are as crucial today as they were at the
dawn of human civilization. Now we know details about them.
What goods are produced and in what quantities? A society must determine how
much of each of the many possible goods and services it will make, and when they will
be produced. Will we produce paddy or jute in our field? A few high-breed paddy or
much more local paddy will be produced? will we use scarce resources to produce manu
consumption goods? will we produce fewer consumption goods and more investment
goods. Every society has to face this type of questions or problem. We may call this
problem as problem of choice.

How are goods produced? A society must determine who will do the production,with
what resources, and and what production techniques they will use.Is electricity genereted
from natural gas, coal, or solar power. These problem is called to be technological
problem.
For whom are goods produced? One key task for an society is to decide who gets to eat
the fruit of the economic efforts. Or, how is the national product divided among different
households? Are many people poor or rich? Do high incomes go to teacher, doctor,
businessman or landlords? These type of problem is called to be problem of distribution.
HOW ECONOMICS CAN CONTRIBUTE TO BUSINESS DECISION MAKING?
• Business decision making essentially a process of selecting the best out of alternative
opportunities open to firm. The process of decision making comprises four main steps-
• Determining the objective
• Collecting & analysing business related data
• Developing possible course of actions
• Selecting the best course of action among alternatives
• So application of relevant economic theories to the problem of business facilitates decision
making in at least three way-
• First-It gives a clear understanding of various economic concepts (e.g. Cost, price, demand, etc.)
used in business analysis.
• Second-It helps in ascertaining the relevant variables & specifying the relevant data. E.g.- It
helps in deciding what variables need to be considered in estimating the demand.
• Third- Application of the relevant economic theory provides consistency to business analysis and
helps in arriving right decisions.
FUNDAMENTAL PRINCIPLES OF ECONOMICS/BASIC CONCEPTS/TOOLS
OF ECONOMICS
Managerial Economics is both conceptual and metrical. Before the substantive decision problems
which fall within the purview of managerial economics are discussed, it is useful to identify and
understand some of the basic concepts underlying the subject.
Therefore, it would be useful to examine the basic tools of managerial economics and the nature
and extent of gap between the economic theory of the firm and the managerial theory of the firm.
The contribution of economics to managerial economics lies in certain principles which are basic
to managerial economics. There are six basic principles of managerial economics. They are:

1. The Incremental Concept
2. The Concept of Time Perspective
3. The Opportunity Cost Concept
4. The Discounting Concept
5. The Equi-marginal Concept
6. Risk and Uncertainty
1. The Incremental Concept:
The incremental concept is probably the most important concept in economics and is certainly
the most frequently used in Managerial Economics. Incremental concept is closely related to the
marginal cost and marginal revenues of economic theory.
The two major concepts in this analysis are incremental cost and incremental revenue.
Incremental cost denotes change in total cost, whereas incremental revenue means change in
total revenue resulting from a decision of the firm.
The incremental principle may be stated as follows:
A decision is clearly a profitable one if
(i) It increases revenue more than costs.
(ii) It decreases some cost to a greater extent than it increases others.
(iii) It increases some revenues more than it decreases others.
(iv) It reduces costs more than revenues.
Illustration: Some businessmen hold the view that to make an overall profit, they must make a
profit on every job. The result is that they refuse orders that do not cover full costs plus a
provision of profit. This will lead to rejection of an order which prevents short run profit. A
simple problem will illustrate this point. Suppose a new order is estimated to bring in an
additional revenue of Rs. 10,000. The costs are estimated as under:
Labour Rs. 3,000 ,Materials Rs. 4,000 ,Overhead charges Rs. 3,600
Selling and administrative expenses Rs. 1,400
Full Cost Rs.12, 000

The order appears to be unprofitable. For it results in a loss of Rs. 2,000. However, suppose there
is idle capacity which can be utilised to execute this order. If order adds only Rs. 1,000 to
overhead charges, and Rs. 2000 by way of labour cost because some of the idle workers already
on the pay roll will be deployed without added pay and no extra selling and administrative costs,
then the actual incremental cost is as follows:
Labour Rs. 2,000 ,Materials’ Rs. 4,000 ,Overhead charges Rs. 1,000
Total Incremental Cost Rs. 7,000
Thus there is a profit of Rs. 3,000. The order can be accepted on the basis of incremental
reasoning. Incremental reasoning does not mean that the firm should accept all orders at prices
which cover merely their incremental costs.
2. Concept of Time Perspective:
The time perspective concept states that the decision maker must give due consideration both to
the short run and long run effects of his decisions. He must give due emphasis to the various time
periods. It was Marshall who introduced time element in economic theory.
The economic concepts of the long run and the short run have become part of everyday
language. Managerial economists are also concerned with the short run and long run effects of
decisions on revenues as well as costs. The main problem in decision making is to establish the
right balance between long run and short run.
In the short period, the firm can change its output without changing its size. In the long period,
the firm can change its output by changing its size. In the short period, the output of the industry
is fixed because the firms cannot change their size of operation and they can vary only variable
factors. In the long period, the output of the industry is likely to be more because the firms have
enough time to increase their sizes and also use both variable and fixed factors.
3. The Opportunity Cost Concept:
Both micro and macro economics make abundant use of the fundamental concept of opportunity
cost. In everyday life, we apply the notion of opportunity cost even if we are unable to articulate
its significance. In Managerial Economics, the opportunity cost concept is useful in decision
involving a choice between different alternative courses of action.
Resources are scarce, we cannot produce all the commodities. For the production of one com-
modity, we have to forego the production of another commodity. We cannot have everything we
want. We are, therefore, forced to make a choice.
Opportunity cost of a decision is the sacrifice of alternatives required by that decision. Sacrifice
of alternatives is involved when carrying out a decision requires using a resource that is limited
in supply with the firm. Opportunity cost, therefore, represents the benefits or revenue forgone
by pursuing one course of action rather than another.

The concept of opportunity cost implies three things:
1. The calculation of opportunity cost involves the measurement of sacrifices.
2. Sacrifices may be monetary or real.
3. The opportunity cost is termed as the cost of sacrificed alternatives.
4. Equi-Marginal Concept:
One of the widest known principles of economics is the equi-marginal principle. The principle
states that an input should be allocated so that value added by the last unit is the same in all
cases. This generalisation is popularly called the equi-marginal.
Let us assume a case in which the firm has 100 unit of labour at its disposal. And the firm is
involved in five activities viz., А, В, C, D and E. The firm can increase any one of these
activities by employing more labour but only at the cost i.e., sacrifice of other activities. An
optimum allocation cannot be achieved if the value of the marginal product is greater in one
activity than in another. It would be, therefore, profitable to shift labour from low marginal value
activity to high marginal value activity, thus increasing the total value of all products taken
together.
If, for example, the value of the marginal product of labour in activity A is Rs. 50 while that in
activity В is Rs. 70 then it is possible and profitable to shift labour from activity A to activity B.
The optimum is reached when the values of the marginal product is equal to all activities. This
can be expressed symbolically as follows:
VMPLA = VMPLB = VMPLC = VMPLD = VMPLE
Where VMP = Value of Marginal Product ,L = Labour
ABCDE = Activities i.e., the value of the marginal product of labour employed in A is equal to
the value of the marginal product of the labour employed in В and so on. The equimarginal
principle is an extremely practical notion.
5. Discounting Concept:
This concept is an extension of the concept of time perspective. Since future is unknown and
incalculable, there is lot of risk and uncertainty in future. Everyone knows that a rupee today is
worth more than a rupee will be two years from now. This appears similar to the saying that “a
bird in hand is more worth than two in the bush.” This judgment is made not on account of the
uncertainty surrounding the future or the risk of inflation.
It is simply that in the intervening period a sum of money can earn a return which is ruled out if
the same sum is available only at the end of the period. In technical parlance, it is said that the
present value of one rupee available at the end of two years is the present value of one rupee

available today. The mathematical technique for adjusting for the time value of money and
computing present value is called ‘discounting’.
The following example would make this point clear. Suppose, you are offered a choice of Rs.
1,000 today or Rs. 1,000 next year. Naturally, you will select Rs. 1,000 today. That is true
because future is uncertain. Let us assume you can earn 10 per cent interest during a year.
You may say that I would be indifferent between Rs. 1,000 today and Rs. 1,100 next year i.e.,
Rs. 1,100 has the present worth of Rs. 1,000. Therefore, for making a decision in regard to any
investment which will yield a return over a period of time, it is advisable to find out its ‘net
present worth’. Unless these returns are discounted and the present value of returns calculated, it
is not possible to judge whether or not the cost of undertaking the investment today is worth.
The concept of discounting is found most useful in managerial economics in decision problems
pertaining to investment planning or capital budgeting.
The formula of computing the present value is given below:
V = A/1+i
where: V = Present value ,A = Amount invested Rs. 100 ,i = Rate of interest 5 per cent
V = 100/1+.05 = 100/1.05 =Rs. 95.24
Similarly, the present value of Rs. 100 which will be discounted at the end of 2 years: A 2 years
V = A/ (1+i) 2
, For n years V = A/ (1+i) n
6. Risk and Uncertainty: Managerial decisions are actions of today which bear fruits in future
which is unforeseen. Future is uncertain and involves risk. The uncertainty is due to
unpredictable changes in the business cycle, structure of the economy and government policies.
This means that the management must assume the risk of making decisions for their institution in
uncertain and unknown economic conditions in the future. Firms may be uncertain about
production, market prices, strategies of rivals, etc. Under uncertainty, the consequences of an
action are not known immediately for certain.
Economic theory generally assumes that the firm has perfect knowledge of its costs and demand
relationships and of its environment. Uncertainty is not allowed to affect the decisions.
Uncertainty arises because producers simply cannot foresee the dynamic changes in the economy
and hence, cost and revenue data of their firms with reasonable accuracy.
Role of managerial economist-
A managerial economist helps the management by using his analytical skills and highly
developed techniques in solving complex issues of successful decision-making and future
advanced planning. role of managerial economist can be summarized as follows:

1. He studies the economic patterns at macro-level and analysis it’s significance to the
specific firm he is working in.
2. He has to consistently examine the probabilities of transforming an ever-changing
economic environment into profitable business avenues.
3. He assists the business planning process of a firm.
4. He also carries cost-benefit analysis.
5-He assists the management in the decisions pertaining to internal functioning of a firm such as
changes in price, investment plans, type of goods /services to be produced, inputs to be used,
techniques of production to be employed, expansion/ contraction of firm, allocation of capital,
location of new plants, quantity of output to be produced, replacement of plant equipment, sales
forecasting, inventory forecasting, etc.
6. In addition, a managerial economist has to analyze changes in macro- economic
indicators such as national income, population, business cycles, and their possible effect
on the firm’s functioning.
7. He is also involved in advicing the management on public relations, foreign exchange,
and trade. He guides the firm on the likely impact of changes in monetary and fiscal
policy on the firm’s functioning.
8. He also makes an economic analysis of the firms in competition. He has to collect
economic data and examine all crucial information about the environment in which the
firm operates.
9. The most significant function of a managerial economist is to conduct a detailed research
on industrial market.
10. A managerial economist has to conduct an elaborate statistical analysis.
11. He must be vigilant and must have ability to cope up with the pressures.
12. He also provides management with economic information such as tax rates, competitor’s
price and product, etc. They give their valuable advice to government authorities as well.
How Managerial Economics bridges the gap between economic
theory and business practice´
ManagerialEconomicscanbedefinedasamalgamationofeconomictheorywithbusinesspracticessoastoease
decisionmakingandfutureplanningbymanagement.ManagerialEconomicsisasciencedealingwitheffective
useofscarceresources.StudyofManagerialEconomicshelpsinenhancementofanalyticalskills,assistsin
nationalconfigurationaswellassolutionofproblems.ThekeyofManagerialEconomicsisthemicroeconomic
theoryofthefirm.Itlessensthegapbetweeneconomicsintheoryandeconomicsinpractice.Managerial
Economicsassiststhemanagersofafirminarationalsolutionofobstaclesfacedonthefirmsactivities.Itmakes
useofeconomictheoryandconcepts.Ithelpsinformulatinglogicalmanagerialdecisions.
ManagerialEconomicsappliesmicroeconomictoolstomakebusinessdecisions.Itdealswithafirm.Managerial
Economicsisofgreathelpinpriceanalysis,productionanalysis,capitalbudgeting,riskanalysisanddetermination
ofdemand.ManagerialEconomicsusesbothEconomictheoryaswellasEconometricsforrationalmanagerial
decisionmaking.Econometricsisdefinedasuseofstatisticaltoolsforassessingeconomictheoriesbyempirically
measuringrelationshipbetweeneconomicvariables.ManagerialEconomicsisassociatedwiththeeconomic
theory.Thus,ManagerialEconomicsestablishcommunicationbetweeneconomictheoryandbusinesspractice.

Economic Objectives of Firms
Usually, in economics we assume firms are concerned with maximising profit. Higher profit
means:
 More profit can be used to finance research and development.
 Higher profit makes the firm less vulnerable to takeover.
 Higher profit enables higher salaries for workers
Alternative Aims of Firms
However, in the real world, firms may pursue other objectives apart from profit maximisation.
1. Profit Satisficing
 In many firms there is separation of ownership and control. Those who own the company
(shareholders) often do not get involved in the day to day running of the company.
 This is a problem because although the owners may want to maximise profits, the managers
have much less incentive to maxise profits because they do not get the same rewards, (share
dividends)
 Therefore managers may create a minimum level of profit to keep the shareholders happy, but
then maximise other objectives, such as enjoying work, getting on with other workers. (e.g. not
sacking them) This is the problem of separation between owners and managers.
 This ‘principal agent’ problem can be overcome, to some extent, by giving mangers share
options and performance related pay although in some industries it is difficult to measure
performance.
2. Sales Maximisation.
Firms often seek to increase their market share – even if it means less profit. This could occur for
various reasons:
 a) Increased market share increases monopoly power and may enable the firm to put up prices
and make more profit in the long run.
 b) Managers prefer to work for bigger companies as it leads to greater prestige and higher
salaries.
 c) Increasing market share may force rivals out of business. E.g. supermarkets have lead to the
demise of many local shops. Some firms may actually engage in predatory pricing which involves
making a loss to force a rival out of business.
3. Growth Maximisation.
This is similar to sales maximisation and may involve mergers and takeovers. With this
objective, the firm may be willing to make lower levels of profit in order to increase in size and
gain more market share.

4. Long Run Profit Maximisation.
In some cases, firms may sacrifice profits in the short term to increase profits in the long run. For
example, by investing heavily in new capacity, firms may make a loss in the short run, but enable
higher profits in the future.
5. Social/ Environmental concerns.
A firms may incur extra expense to choose products which don’t harm the environment or
products not tested on animals.
Alternatively, firms may be concerned about local community / charitable concerns.
 Many companies who have adopted such strategies have been quite successful. This has
encouraged more firms to consider these over objectives, but a cynic may argue they see it as
another opportunity to increase profits rather than a genuine sacrificing of profits in order to
promote other objectives.

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