MDSA01H3 Lecture Notes - Lecture 2: Feudalism, George Clooney, Commodity Fetishism

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champagnegoldfish804

16 Jun 2012

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Marx"s analysis: not all television shows are created equally. Not all television shows cannot be created with the same advertising demands, some shows are much more costly to produce. Price is not really something that can be accurately discerned of the nature of the item itself. Not all tv shows are created equally, an advertising spot is not the same in each one. What makes one show worth more than the other. Media is something we consume and it has value. The value is something we give media (society) Elitism: is a pride in or an awareness of being one of an elite group. You take pride of being part of an elite group. Consumption: expenditure on media for a final personal/ economic use. Commodity: an exchangeable unit of economic wealth. Something that is the same, cellphones are the same , there is very little that differentiates one from the other. Profit motive: marx (capitalism) never ending desire for profit.

Related Questions

In a capitalist economy, the market value of something is determined by ................... and ............................ . Prices are the quantification of those values in terms of the money that is used. When the supply of something is high, relative to demand, the price will be ...................................... . When the demand for something is ................................ relative to the supply, the price will be high. When the .............................. for something is low relative to the .......................... , the price will be high. Prices play an important role in the market economy because the provide the self-interested individual with ............................. , telling each of how to use our unique combination of skills, talents and strengths to produce the greatest amount of material wealth for ourselves.

An economic incentive is best described as something that

A) benefits producers or consumers when taking action.

B) pushes producers or consumers to act on the government's behalf.

C) motivates producers or consumers to take action.

D) forces producers or consumers to act in a certain way.

viridiankoala364

A tire manufacturer studying this effectiveness of television advertising on the sales of its GRIPPER-brand tires attempted to fit the data it had gathered into an equation

R(x) = a0 + a1x + a2x 2 , where S is sales revenue in millions of dollars,

x is millions of dollars spent on television advertising and a0, a1, a2 are constants.

The data was gathered in two different regions of the country. The resulting equations are

Region 1: R1(x) = 30 + 20x + 0.4x 2

Region 2: R2(x) = 20 + 36x + 1.3x 2

The company wants to know how to make the best use of its advertising dollars in the regions and whether current allocations could be improved. Your job is to advise management about current advertising effectiveness, allocation of additional expenditures, and reallocation of current expenditures by answering the following questions.

1). Which region would benefit more, if either, from additional advertising expenditures at each of the above levels of expenditures? Justify your answer USING a MARGINAL RETURN ON SALES ANALYSIS.

2) Suppose money could be reallocated from Region 1 to Region 2 or vice-versa. At each of the above advertising allocation levels, explain what reallocation should be done, if any, to produce more sales revenue. [You don't need an exact dollar amount, just what should be done and why. MAKE SURE THAT YOU JUSTIFY YOUR WORK IN TERMS OF MARGINAL RETURN ON SALES ANALYSIS.]

crimsonrhinoceros646

MDSA01H3 Lecture Notes - Lecture 2: Feudalism, George Clooney, Commodity Fetishism

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