Term
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Definition
| Satisfaction aquired from consumption of each unit |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| The ability of goods to fullfilled needs(satisfation) |
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Term
| Law of diminishing marginal utility |
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Definition
| For each additional unit consumed satisfaction will diminish (be less and less) |
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Term
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Definition
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Term
| Nature of goods neccecity |
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Definition
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Term
| Abilabity and closeness of subsitutes if no subsitutes available |
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Definition
| Inelastic:demand contant regarless of price |
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Term
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Definition
| Elastic (demand drops when price increases) |
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Term
| Percent of income spent on good (increase % of income) |
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Definition
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Term
| Drecease percent of income |
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
| Fixed cost + variable cost |
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Term
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Definition
| Change in total revenue / change in quantity |
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Term
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Definition
| Change in total cost / change in quantity |
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Term
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Definition
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Term
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Definition
| Total revenue - total cost |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| Absolute value of (percent change in quantity / percent change in price) |
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