In order to determine whether to major in economics, a rational individual compares the <u>marginal benefit </u><u>and</u><u> marginal cost.</u>
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Marginal benefit is the maximum amount a consumer is willing to pay for additional goods or services. Consumer satisfaction tends to decline as consumption increases. Marginal cost is the change in cost when additional units of a good or service are produced.
Marginal utility and marginal cost are related in many ways in manufacturing and production, investment, and consumption. Marginal cost (MC) is the cost of the last unit produced or consumed, and marginal utility is the utility gained from that last unit.
Marginal benefit is the increase in total utility due to a unit change in the output of a good. Marginal cost is the increase in total cost caused by a one-unit change in the output of a good.
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Wholesaling is the opposite of retailing. In a wholesaling industry, goods or products are being sold, and distributed to retailers. The wholesalers receives large quantities of these products and they are the ones who sells these to the retailers which are then sold to consumers. Hope this answers your question.
Answer:
D.gathering customer's ideas for new products
Explanation:
Marketing logistics involves getting the right product to the right customer in the right place at the right time. This includes the following:
A.planning the physical flow of goods and services
B.implementing the plan for the flow of goods and services
C.controlling the physical flow of goods, services, and information
E.planning the flow of logistics information to meet customer requirements at a profit
BUT
Marketing logistics does not include the gathering customer's ideas for new products as that borders on gathering customer feedback for new product development.
This is the case because by definition, Marketing logistics has to do with the planning, implementing, and controlling the flow of physical goods and information <u>from the producer to the market;</u> with the aim of profitably meeting customer's demands.
So it is clear that the flow of information back to producers from customers is not covered in marketing logistics.