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Principles of Economics: Learn by Doing - Research Proposal Example

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In the paper “Principles of Economics: Learn by Doing” the author discusses a highly contentious issue about the extent that businesses benefit, not only from the levels of output at which they currently produce but from the past levels, because of the experience thus gained…
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Principles of Economics: Learn by Doing
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Download file to see previous pages The higher aggregate income, the higher the demand. In some instances, less in absolute terms is demanded as income changes, for instance, bus transportation, and cheap products in general, if cheap implies low quality. Hence as income rises consumers may demand more in quantity and/or will move up the price-quality continuum. In some instances, consumers demand more as income rises but not proportionately.
Income is an important factor to be considered regarding computers. Higher the income, better it is for the computer market. The computer was once a luxurious product and nowadays computers have become a necessity. This has caused a change in the demand for the product.
This factor is a crucial one for the marketer to position the market and segment it. Demand for any product will almost certainly depend upon the distribution of the population and of income, across age groups, classes, and regions. In the case of computers, London is considered to be a high-income area and there would be about 4 to 5 computers per household in this area. Marketers must now target this area to sell high quality high priced computers. Similarly, marketers must target different areas according to the income level for different budget computers.
An issue for marketers is the degree that income can be separated from social-economic groups. It would seem quite clear that the latter is not just a matter of income but of buying habits and lifestyle. Indeed there are sub-groups within each social economic group. It has been suggested that, in the U.K., the newspaper-read may represent a reasonable predictor of buying behavior. Hence an increase in income to "Guardian" reading public employees would have a different impact on consumption patterns from an increase to "Daily Telegraph" reading privately employed managers. ...Download file to see next pagesRead More
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