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ECO2023 MicroEconomics
For Exam #2
7
Economics
Undergraduate 2
05/29/2012

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Term
Demand
Definition
the willingness and ability to buy specific quantities of a good at alternative prices in a given time period, ceteris paribus.
Term
Utility
Definition
the pleasure or satisfaction obtained from entire consumption of a product.
Term
Total Utility
Definition
the amount of satisfaction obtained from entire consumption of a product.
Term
Marginal Utility
Definition
the change in total utility obtained by consuming one additional (marginal) unit of a good or service.
Term
Law of Diminishing Marginal Utility
Definition
the marginal utility of a good decline as more of it is consumed in a given time period.
Term
Price Elasticity of Demand
Definition
the percentage change in quantity demanded divided by the percentage change in price.
Term
Total Revenue
Definition
the price of a product multiplied by the quantity sold given time period.
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