Regarding the "memory conserve mode entered", these events are generated when the system enters the memory usage above the value specified under "memory-use-threshold-red <integer>".
And "memory conserve mode exited" is generated when the memory usage falls below the value configured under "set memory-use-threshold-green <integer>".
In general, 50% looks very aggressive. I would suggest you monitor the memory usage value for a longer period (may be last couple of months) to understand whats the normal value and then configure the thresholds.
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