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PACKAGING: The container and graphic design variable in the marketing mix, (sometimes included in the product). Changes in product distribution and government regulations in contents identification have made the packaging variable a very important component in the organizationŐs marketing strategy. Packaging completes the marketing process by giving the consumer vital information just prior to making the final buy decision.
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Lesson 10: Utility and Demand | Unit 4: On To Demand
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Page: 17 of 21
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In this unit, you should have learned about:- How the demand for a good can be analyzed by comparing the marginal utility-price ratio for one good with the marginal utility-price for other goods.
- Why price changes that force a readjustment of the rule of consumer equilibrium.
- Higher prices force the marginal utility to increase, which is accomplished with a decrease in quantity.
- Lower prices force the marginal utility to decrease, which is accomplished with an increase in quantity.
- How the law of demand can be explained by the law of diminishing marginal utility.
- How the marginal utility curve can be converted to a demand curve.
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IMPLEMENTATION LAG The time lag that occurs after a government policy designed to correct an economic problem has been selected and the actual execution of the policy. The implementation lag is based the time it takes for government agencies, which can be slow and methodical, to carry out the designated policy. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and decision lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. " -- Albert Einstein, physicist
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LIML
Limited Information Maximum Likelihood
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