Economic significance of advertising and brand names Concept Introduction: Advertising It is an important audio-visual form of marketing strategy blueprint to create a market value for the product through consumer persuasion to buy the goods. The campaign serves to encourage the potential consumers to purchase the advertiser’s goods/services. Billboards, websites, television, newspaper, radio etc are means to execute the business strategy imbibing elements like geographic location, demographics and income group of the target group, special offers, market share etc. It is broadly classified into three types- Informative, persuasive and reminder. Trademark The legal protection of the brand name is done through a trademark. It implies a word, sign, symbol or graphic specific to a company or product that makes it unique and distinct from the other products/companies. It is a business asset which prevents the others from copying or taking advantage of the goodwill in the owner’s brand name.

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Chapter 15, Problem eWYWL

To determine

Economic significance of advertising and brand names

Concept Introduction:

Advertising It is an important audio-visual form of marketing strategy blueprint to create a market value for the product through consumer persuasion to buy the goods. The campaign serves to encourage the potential consumers to purchase the advertiser’s goods/services. Billboards, websites, television, newspaper, radio etc are means to execute the business strategy imbibing elements like geographic location, demographics and income group of the target group, special offers, market share etc. It is broadly classified into three types- Informative, persuasive and reminder.

Trademark The legal protection of the brand name is done through a trademark. It implies a word, sign, symbol or graphic specific to a company or product that makes it unique and distinct from the other products/companies. It is a business asset which prevents the others from copying or taking advantage of the goodwill in the owner’s brand name.

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As indicated in the attached image, U.S. earnings for high- and low-skill workers as measured by educational attainment began diverging in the 1980s. The remaining questions in this problem set use the model for the labor market developed in class to walk through potential explanations for this trend. 1. Assume that there are just two types of workers, low- and high-skill. As a result, there are two labor markets: supply and demand for low-skill workers and supply and demand for high-skill workers. Using two carefully drawn labor-market figures, show that an increase in the demand for high skill workers can explain an increase in the relative wage of high-skill workers. 2. Using the same assumptions as in the previous question, use two carefully drawn labor-market figures to show that an increase in the supply of low-skill workers can explain an increase in the relative wage of high-skill workers.