Chapter 21 Terms and Concepts

chapter 21 terms and concepts 27 february 2012 income imprint- a neuter in the step demanded of a harvest-home that results from the ex miscellanea in literal income (purchasing creator) produced by a change in the products determine. tally utility- the meat step of satisfaction derived from the uptake of a single product or a combination of products. righteousness of diminishing fringy utility- the linguistic rule that as a consumer increases the enjoyment of a pricy or overhaul, the fringy utility encountered from apiece additional building foil of measurement of the impregnable or assistance decreases. bud urinate constraint- the delimitate that the surface of a consumers income (and the prices that moldiness be paid for sizeables and services) imposes on the exponent of that consumer to obtain goods and services. replenishment effect- (1) a change in the meter demanded of a consumer good that results from a change in its coition expensiveness produced by a change in the products price; (2) the effect of a change in the price of a choice on the measure of the resource employed by a firm, assuming no change in its output.

marginal utility- the tautologic utility a consumer obtains from the consumption of one additional unit of a good or service; check to the change in total utility divided by the change in the quantity consumed. rational carriage- human manner base on simile of marginal costs and marginal benefits; behavior designed to maximize total utility. utility-maximizing rule- the principle that to obtain the superior utility, the consumer should allocate bills income so that the last sawbuck spent on each(prenominal) good or service yields the comparable marginal utility. utility- the want-satisfying power of a good or service; the satisfaction or pleasure a consumer obtains from the consumption of a good or service (or from the consumption of a sight of goods and services.If you want to get a full essay, align it on our website: Ordercustompaper.com

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