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January 18, 2019 

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EFFICIENT SEARCH, DETERMINANTS: Two factors that affect information search are (1) the amount of purchase and (2) frequency of purchase. Goods that are relatively expensive increase the potential benefit of search. For example, saving 10 percent on the purchase price of a house is significantly more than saving 10 percent on the price of bar of soap. Buyers are thus likely to undertake extensive search when buying a house, but not for soap. Goods that are purchased more frequently also don't require extensive search activities. Since buyers already know the "best places" to buy the "highest quality" products at the "lowest prices" for frequently purchased goods, little can be gained from search.

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Lesson 5: Demand | Unit 1: Buying Basics Page: 2 of 20

Topic: Demand Price <=PAGE BACK | PAGE NEXT=>

More we need to consider about demand. First the demand price.

Demand price is the maximum price that buyers would be willing and able to pay for a given quantity of a good.

  • The emphasis is on maximum. Buyers have an upper limit on the price that they would be willing and able to pay for a good.
  • Buyers are willing and able to pay a lower price. In fact, they would be glad to get it for free.
  • The maximum demand price is based on the fact of economic life that people prefer more to less.

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TOTAL REVENUE, MONOPOLY

The revenue received by a monopoly firm for the sale of its output. Total revenue is one two bits of information a monopoly firm needs to calculate economic profit, the other is total cost. In general, total revenue is price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopoly firm, that charges different prices for different quantities, total revenue increases then decreases. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for defective microphones.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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