Discuss about the significant trends in both Demand and Supply in the Copper Industry that have Influenced the price of Copper since September 2011. What are the Implications of these trends for Managerial Decision making in the Copper Industry?
A relation between the decision of the managers of every organisation and the economic trend of the country in which it operates has been observed. The managers are highly dependent upon the economic trend while making organisational decisions.
The fluctuation in the price level of the copper since 2011 has been observed due to the change in the demand and supply of copper in the industry. As per the law of demand, the fall in the demand caused the price level of copper to increase (Refer to appendix). In order to bring the market at equilibrium, the managers of the copper industry needs to cut the level of supply so that there is no excess supply in the economy.
After 2011, the price level of copper has been following a downward trend, which further infers that the demand for copper in the economy has been slowly decreasing. The fall in the demand has been an outcome of the slow market growth in China. Mrazova & Neary, (2016) opined that the firms increase the supply level as the number of supplier increased since 2011. The price level of the product automatically thus fall other variables remaining ceteris paribus.
As the price of copper falls and the demand decreases, the managers of the copper industry tends to increase the production since profit making is their main motive. The managers will thus try to gain profit as much as possible without causing the demand to retract (Brennan, 2012). The managers employ more labourers in order to increase the production and enhance the productivity thereby gaining higher profit margin.
Brennan, P. F. (2012). Managerial Decision Making. Nursing and Computers: An Anthology, 769, 284.
Mrazova, M., & Neary, J. P. (2016). Not So Demanding: Demand Structure and Firm Behavio
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