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BRAND RECOGNITION: The awareness on the part of the consumer that a brand exists and is an option to purchase. Companies work hard and spend considerable resources in an effort to facilitate brand recognition. By doing so, a company hopes to increase market share and develop brand loyalty. Scarcity Stan's Ye Olde Bakery Shoppe and Confectionery Palace spent a lot of time and money developing its brand name in Shady Valley.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 10 of 21

Topic: A Short Cut? <=PAGE BACK | PAGE NEXT=>

  • The equality between marginal utilities is a handy short cut for making choices.

  • If one good generates more marginal utility that the other, then total utility can be increased by consuming more of that good and less of the other.

  • A simple rule is to choose the quantities of two or more goods such that marginal utility of the last unit of each good consumed is the same for all goods.

  • MU of good 1 = MU of good 2

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MARKET EQUILIBRIUM, GRAPHICAL ANALYSIS

An analysis of market equilibrium using a graph that combines a demand curve and a supply curve. A graphical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a numerical analysis using demand and supply schedules.

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[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?

Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

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Chicago Mercantile Exchange
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