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ABSTRACTION METHODS: Abstraction is the process of simplifying the complexities of the real world by ignoring (hopefully) unimportant details, especially (for our purposes) while doing economic analysis. Three common methods of actual, real world abstraction used in economic theories are words, graphs, and equations. Words can be misunderstood. Graphs are a little more precise. And equations tend to be the most precise of the three.

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Lesson 5: Market Demand | Unit 1: Buying Basics Page: 3 of 20

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Second, quantity demanded.

Quantity demanded is the specific quantity of a good that buyers would be willing and able to buy at a specific price.

  • Price and quantity demanded are a pair of numbers that go together.
Quantity demanded is not the same as demand.
  • Demand is the entire range of prices and quantities (all pairs of numbers).
  • Quantity demanded is a specific quantity at a specific price (a quantity paired with a price).

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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The average bank teller loses about $250 every year.
"Good judgment comes from experience, and often experience comes from bad judgment."

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