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SEGMENT: A group of potential buyers who have similar needs and wants. This is developed after a process called market segmentation. A concentrated targeting strategy is effective for marketing to each segment. Typically, a company uses one marketing mix to satisfy each segmentÕs needs.
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Lesson 12: Elasticity and Demand | Unit 2: The Continuum
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Page: 7 of 25
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- A graphical look at three alternatives:
- Perfectly Elastic: Perfectly elastic demand results when infinitesimally small changes in price lead to infinitely large changes in quantity.
- Perfectly Inelastic: Perfectly inelastic demand results the quantity demanded does not change regardless of any change in price.
- Unit Elastic: Unit elastic demand results when the perfect change in quantity is EXACTLY the same as the percentage change in price.
- The most noted feature of this demand curve is that it is a curve and not a straight line -- the slope changes along the curve.
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PERFECT COMPETITION, REVENUE DIVISION The marginal approach to analyzing a perfectly competitive firm's short-run profit maximizing production decision can be used to identify the division of total revenue among variable cost, fixed cost, and economic profit. The U-shaped cost curves used in this analysis provide all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue and marginal revenue curves) provides all of the information needed on the revenue side.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. " -- Henry David Thoreau, philosopher
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BOP
Balance of Payments
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