chapter 21 terms and concepts 27 february 2012 income imprint- a neuter in the step demanded of a harvest-home that results from the tack in literal income (purchasing power) produced by a change in the products hurt. tally utility- the total standard of satisfaction derived from the outgo of a single product or a combination of products. law of diminishing bare(a) utility- the rule that as a consumer increases the consumption of a pricy or overhaul, the fringy utility view ased from each additional building blank out of measurement of the good or servicing decreases. budget constraint- the designate that the surface of a consumers income (and the prices that must be paid for goods and services) imposes on the exponent of that consumer to obtain goods and services. substitution effect- (1) a change in the quantity demanded of a consumer good that results from a change in its coition expensiveness produced by a change in the products price; (2) the e ffect of a change in the price of a choice on the quantity 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; sufficient to the change in total utility divided by the change in the quantity consumed. rational carriage- human demeanour base on comparison 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 money income so that the last dollar mark spent on each good or ser! vice 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, distinguish it on our website:
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