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 MARKETING MIX: The combination of 5 controllable variables consisting of product, price, promotion, distribution and packaging to satisfy the needs and wants of customers in a targeted market. This requires the collection of data and demographics on customers in potential markets. Organizations may use multiple marketing mixes strategies based on different targeted market segments.
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 Lesson 4: Production Possibilities | Unit 3: The Curve Page: 9 of 24

 Topic: Plot <=PAGE BACK | PAGE NEXT=>

We can transform the schedule of production possibility numbers into a graph.
• Each bundle can be represented by a point in two dimensional production possibilities space.
• The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
• The horizontal axis is measured between 0 and 11 calibrators.
• The vertical axis is measured between 0 and 500 jogging shoes.
• The two axis are joined at the origin.
• The plotted bundles form a semi-circle pattern.
• If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.

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MARGINAL BENEFIT OF SEARCH

The incremental benefit generated by additional search effort is the marginal benefit of search. Marginal benefit of search, also termed marginal search benefit, is comparable to marginal revenue of short-run production analysis and marginal utility of consumer demand theory. Marginal benefit of search decreases with an increase in search effort and is represented by the marginal benefit of search curve. This is one half of the efficient information search decision. The other is marginal cost of search.

 BLUE PLACIDOLA[What's This?] Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for poorly written technical manuals.Your Complete Scope
 The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
 "It is not fair to ask of others what you are unwilling to do yourself. "-- Eleanor Roosevelt, diplomat, activist
 MPIMarginal Propensity to Invest
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