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UNDIFFERENTIATED: A targeting strategy that is based on a homogeneous market. This is one where the total market has similar needs for the product. Typically, this market only requires one marketing mix to satisfy all persons.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 10 of 25

Topic: Doing The Numbers <=PAGE BACK | PAGE NEXT=>

  • Suppose we have the following price and quantity values for the demand of calling minutes in cellular phones:

    P1 = 10 cents, Q1 = 5 million minutes, P2 = 11 cents, and Q2 = 4.5 million minutes.

  • Plugging theses numbers into the formula gives us:

    elasticity=- 0.105 ÷ 0.095=- 1.105

  • While the quick and dirty elasticity indicates exactly unit elastic demand (1 on the nose), the midpoint formula indicates relatively elasticity demand (1.105).

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AVERAGE PRODUCT CURVE

A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for rusty deck screws.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate."

-- John Glenn, astronaut, U.S. senator

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