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COGNITIVE DISSONANCE: Also called buyer's remorse. This post-purchase behavior is more likely to happen when the purchase is a more expensive one. The consumer may experience some regrets or questioning as to whether the purchase was a good one. This is the fifth step in the decision making process. Marketers can help eliminate this by properly selling the product and doing a follow-up to help reinforce the buyer's "good" decision.
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Lesson 6: Market Supply | Unit 4: Determinants
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Page: 12 of 19
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Topic:
Ceteris Paribus Factors
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Ceteris paribus is the notion that other things remain constant. We make this assumption because things other than price affect supply.- These other, ceteris paribus factors, give us useful analytical tools for examining supply and the market.
- We can turn these factors off and on to better understand how the market works.
- The ceteris paribus factors are called determinants of supply.
Once again, we apologize for the instructors feeble attempt to speak Spanish. We warned him, but he wouldn't listen.He has been placed on double-secret probation. Once again, we regret any inconvenience this may have caused. -The Management
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FACTOR DEMAND ELASTICITY The elasticity of a factor demand curve is affected by four items: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded becomes more or less sensitive to changes in the factor price.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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BIS
Bank for International Settlements
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