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Feb 13 - knowledge as much a tool as iron or other tools

re boundaries of relevance: x

[[crossed out]] faw [[/crossed out]] law of diminishing returns holds for both marginal utility & marginal productivity
theor. push to zero - however usually competing claims on your resources & other realms where marginal utility remains high

(marginal utility is the consumer side & more diff. to measure because going on in people's heads & has to do w/ their satisf.)

economists upset w/ fact that can't measure marginal utility, so devised "indifference analysis"

if like apples better than oranges, fiddle w/ prices till I don't care wh/ one I buy e.g. when apples 80¢ & oranges 30¢

if I like [[strikethrough]] [[?]] [[/strikthrough]] paddy hats I can get them cheaply because few people


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bidding against me
demand in fact a very complex variable tho comes out at a single price:
1. what I like
2. how much money I have
3. how urgent my need
4. how much competing buyers willing to pay
5. bluffing ability

indiff. analysis useful as a mechanism of pricing

if build new car, X model, can survey pot consumers to determine at what price wld. buy this rather than a Carmen Ghia

6. alternate uses to seller (can he or she eat it if don't sell it)
(can he or she wear it or otherwise use it)

((another maximiz. strategy to [[crossed out]] get [[/crossed out]] give preference to relationships w/ trad partners in the opinion that these will endure & ensure long-term survival, whereas rel. w/ outsiders incl govn. impermanent))