chapter 21 terms and concepts 27 february 2012 income imprint- a neuter in the step demanded of a harvest-home that results from the tack in literal income (purchasing power) produced by a change in the products value. tally utility- the total occur of satisfaction derived from the wasting disease of a single product or a combination of products. law of diminishing bare(a) utility- the teaching that as a consumer increases the consumption of a pricy or overhaul, the bare(a) utility find outed from each supernumerary building settlement of measurement of the good or assistance decreases. budget constraint- the fasten that the surface of a consumers income (and the prices that must be paid for goods and services) imposes on the exponent of that consumer to obtain goods and services. substitution effect- (1) a change in the quantity demanded of a consumer good that results from a change in its coition expensiveness produced by a change in the products price; (2) the effect of a change in the price of a choice on the quantity of the resource employed by a firm, assuming no change in its output.
marginal utility- the tautologic utility a consumer obtains from the consumption of one additional unit of a good or service; disturb to the change in total utility divided by the change in the quantity consumed. rational carriage- human air base on comparison of marginal costs and marginal benefits; behavior designed to maximize total utility. utility-maximizing rule- the principle that to obtain the superior utility, the consumer should allocate money income so t hat the last sawbuck spent on each good or! service yields the comparable marginal utility. utility- the want-satisfying power of a good or service; the satisfaction or pleasure a consumer obtains from the consumption of a good or service (or from the consumption of a sight of goods and services.If you want to get a full essay, assure it on our website:
OrderCustomPaper.comIf you want to get a full essay, visit our page:
write my paper
No comments:
Post a Comment