ECON Chapter 4 Notes.txt

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Anonymous
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171931
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ECON Chapter 4 Notes.txt
Updated:
2012-09-19 14:27:47
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ECON 1101 Chapter
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ECOn 1101 chapter 4
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  1. What is demand?
    The willingness to buy specific quantities of a good at alternative prices in a given time period.
  2. What is market demand?
    The total quantities of a good or service people are willing and able to buy at alternative prices in a given time period: the sum of individual demands.
  3. What is utility?
    The pleasure of satisfaction obtained from a good or service.
  4. What is total utility?
    The amount of satisfaction obtained from entire consumption of a product.
  5. What is marginal utility?
    The satisfaction obtained by consuming one additional unit of a good or service.
  6. The law of diminishing marginal utility is what?
    The marginal utility of a good declines as more of it is consumed in a given time period.
  7. What is ceteris paribus?
    The assumption of nothing else changing
  8. Define law of demand.
    The quantity of a good demanded in a given time period increases as its price falls.
  9. What is the demand curve?
    A curve describing the quantities of a good a consumer is willing and able to buy at alternative prices in a given time period.
  10. Price elasticity of demand is what?
    The percentage change in quantity demanded divided by the percentage change in price.
  11. Define total revenue.
    The price of a product multiplied by the quantity sold in a given time period.

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