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SEGMENTATION VARIABLES: Characteristics of organizations, groups, and individuals which are used to divide a market into smaller units or segments. Some of these characteristics would be age, gender, geographic location, or psychological factors. Typically, these can be grouped into 4 categories; demographic, geographic, psychological, and behavioristic.The marketer uses these variables to develop a target market for their products or services.
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Lesson 10: Utility and Demand | Unit 3: Complex Choices
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Page: 9 of 21
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Topic:
How Much Of Each?
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- No Constraints
- To maximize total utility from both activities, I need to spend 6 or 7 hours at the beach and 5 or 6 hours at the amusement park.
- A Time Constraint
- Suppose for some reason I cannot spend more than 7 hours engaged in this two activities.
- Clearly I can't spend the 11 hours (6 hours at the beach and 5 hours at the amusement park) that would maximize utility with no constraints.
- The best of the choices is 4 hours at the amusement park and 3 hours at the beach.
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RENT SEEKING The inclination of everyone who is alive and breathing to get as much extra income, wealth, profit, or satisfaction as they can. Rent, while technically considered the factor payment for the use of land resources, is also commonly used as a synonym for economic profit, for the acquisition of benefits above opportunity cost. Rent seeking is the entirely rational process of obtain as much "extra" as possible. In effect, rent seeking is nothing more than utility maximization. Efficiency problems can arise, however, when rent seeking is enhanced and enabled through market control, political influence, or actions of special interest groups.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Do what you feel in your heart to be right ‚ for you'll be criticized anyway. You'll be damned if you do and damned if you don't. " -- Eleanor Roosevelt, first lady
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SAIF
Savings Association Insurance Fund
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