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 Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 17 of 25

 Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
• Calculating the price elasticity of demand using the midpoint formula.
• How the price elasticity of demand takes on a range of values over a demand schedule.
• Why a straight-line demand curve contains all five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.
• The difference between slope measured in actual units and elasticity measured in relative values.
• Why elasticity changes along demand curve from high prices and small quantities to low prices and large quantities..
• The relation between total expenditures on a good and the five elasticity alternatives on a demand curve.

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ORDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--is measured by a ranking of preferences (first, second, third, etc.) that are only comparable on a relative basis. Ordinal utility does not presume that satisfaction is a measurable characteristic of a person, like height or weight, that can be compared against an established benchmark. The contrasting notion is cardinal utility, which is based on a numerical standard.

 WHITE GULLIBON[What's This?] Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for slightly overweight pizza delivery guys.Your Complete Scope