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SEGMENTATION: The marketing process by which a company divides a heterogeneous group of buyers in segments. Each segment has similar wants and needs. The company uses a concentrated targeting strategy to sell their products to this group. A different marketing mix is created and used for each segment.

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SHORT-RUN PRODUCTION ALTERNATIVES

A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for defective microphones.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Progress always involves risk. You can't steal second base and keep your foot on first. "

-- Frederick B. Wilcox

JEH
Journal of Economic History
A PEDestrian's Guide
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