Shared Flashcard Set

Details

Title

micro chap 6-9

Description

Total Cards

Subject

Economics

Level

Undergraduate 1

Created

11/10/2011

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Additional Economics Flashcards

Term

law of dimishing marginal utility

Definition

added satisfaction declines as a consumer acquires additional units of a given product

Term

utility

Definition

want

Term

total utility

Definition

is the total amount of satisfaction or pleasure a person derives from consuming some specific quantity

Term

marginal utility

Definition

is the EXTRA satisfaction a consumer realizes from an additional unit of that product

change in total utility

MU=ΔTU/ΔQ

Term

SEE SLIDE 1

Definition