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OLIGOPOLY, REALISM: Real world markets are heavily populated by oligopoly. About half of all output produced in the U.S. economy each year is done so by oligopoly firms. Other industrialized nations can make a similar claim. Oligopoly markets arise in a wide assortment different industries, ranging from manufacturing to retail trade to resource extraction to financial services.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 2 of 25

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  • The elasticity definition goes something like this...

  • Elasticity is the relative response of one variable to changes in another variable.
  • The phrase "relative response" is best interpreted as "percentage change."

  • In other words, elasticity is a measure of the percentage change in one variable relative to the percentage change in another variable.

  • The two most important variables that we are concerned with are price and quantity.

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MARGINAL UTILITY OF INCOME

The change in utility resulting from a given change in income. This is a specialized case of the general notion of marginal utility, which is simply the change in utility resulting from a given change in the consumption of a good. Marginal utility of income is key to identifying alternative risk preferences, including risk aversion, risk neutrality, and risk loving. These three risk preferences are indicated by three marginal utility of income possibilities, decreasing (risk aversion), increasing (risk loving), and constant (risk neutrality).

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for the last item on a shelf.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth and his humanity. "

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