Learning Psychology

<p>Lok's analytical approach can be broken down into several key areas:</p><p>Application of Demand and Supply Economic Theory with a Behavioral Lens: My&nbsp; asserts that any product or service must apply demand and supply economic theory to assess its market value. However he integrates behavioral economics to understand why demand numbers might be less or more and how this should inform manufacturing decisions to avoid low price sales or enable high price sales . For instance if demand is low manufacturing should not be increased to prevent price reductions but if demand is high manufacturing should increase to meet needs and potentially allow for higher prices . The core question for my view is whether demand dictates supply or vice versa to achieve reasonable pricing and supply valuation which requires understanding behavioral factors .</p>