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13427237
Usefulness of YED
Description
Mind Map on Usefulness of YED, created by Jia Jun Neo on 24/04/2018.
Mind Map by
Jia Jun Neo
, updated more than 1 year ago
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Created by
Jia Jun Neo
over 6 years ago
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Resource summary
Usefulness of YED
Firms
Luxury Goods with YED > 1
MTP ↑ in DD
2) Output strategy
Producers will ↑ O/P to ↑ TR
1) Pricing strategy
Producers will ↑ prices to ↑ TR
Inferior Goods with YED < 0
MTP ↓ in DD
2) Pricing strategy
↓ prices → compensate the ↓ in dd
1) Marketing strategies
Product mix & diversify production into gds with higher YED
3) Output strategy
↓ o/p to ↑ TR
2) Segmenting of markets
Sell diff range of pdts → suit C of diff Y
1) Sell necessities in mass-market locations
2) Sell luxurious gds in high Y districts
Y ↑
Purchasing power ↑
1) Responding to Y Δ
Govt
1) Determine type of gds to produce
E.g housing indy
Recession: ↑ in dd of inferior gds, ↓ in dd of luxurious gds
↑ SS of 3-room flats & ↓ SS of executive condos
2) Forecast revenues for budget planning
E.g predict the extent of ↑ in DD for COEs during EG
→ forecast COE px & Govt revenue
3) Industrials SSP
Determine LT growth propsects of Indy
→ guide decisions on which indy to allocate resources
Media attachments
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Diversification Business Pie Chart Image Hand Holding Representing Icon 59096958 (binary/octet-stream)
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Business Resources Allocation Businessman Cutting Pie Chart Giant Knife Vector Illustration No Transparencies 45091955 (binary/octet-stream)
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