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Chemistry
Pre-School
03/29/2009

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Term
Marginal utility
Definition
Satisfaction aquired from consumption of each unit
Term
Bentham
Definition
Founder of ulitarianism
Term
Total utility
Definition
Sum of marginal utility
Term
Utility
Definition
The ability of goods to fullfilled needs(satisfation)
Term
Law of diminishing marginal utility
Definition
For each additional unit consumed satisfaction will diminish (be less and less)
Term
Nature of goods Luxury
Definition
Elastic
Term
Nature of goods neccecity
Definition
Inelastic
Term
Abilabity and closeness of subsitutes if no subsitutes available
Definition
Inelastic:demand contant regarless of price
Term
If subsitutes available
Definition
Elastic (demand drops when price increases)
Term
Percent of income spent on good (increase % of income)
Definition
Elasticity ( cars,yahts)
Term
Drecease percent of income
Definition
Basic necesities
Term
Short run
Definition
Inelastic
Term
Long run
Definition
Elastic
Term
Total revenue
Definition
Price * quantity
Term
Total cost
Definition
Fixed cost + variable cost
Term
Marginal revenue
Definition
Change in total revenue / change in quantity
Term
Marginal cost
Definition
Change in total cost / change in quantity
Term
Average total cost
Definition
Total cost / quantity
Term
Profit
Definition
Total revenue - total cost
Term
Average variable cost
Definition
Variable cost / quantity
Term
Variable cost
Definition
Total cost - fixed cost
Term
Elasticity of demand
Definition
Absolute value of (percent change in quantity / percent change in price)
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