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Utility, prices and marketing strategy - Coggle Diagram
Utility, prices and marketing strategy
Price control
Make sure about prices
Prices on necessary items (low)
Like food and gasoline
In a marker economy
Prices are result of people needs
Sellers supply more at ^ prices
Buyers buy more at low prices
Clear for argument
Commodity remains the same
Its utility changes
Price change
Individual cannot change the price
Usually prices do not change
Utility≠Usefulness
Utility varied (reasons)
Location (Switzerland)
Lifestyle (vegetarians)
Time (wartime)
Commodity avaliability (paper)
Utility
A bottlevof medicine
Textbook
Rules for consumers
Planning expenditure
Do not buy more than you want
Accept fixed prices
Equilibrium price
Producer will supply
Consumers will buy the same
Marginal utility
Price changes
The quantity changes