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INDIFFERENCE MAP: A graph of two or more indifference curves. Higher indifference curves are associated with higher levels of utility.
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Lesson 9: Consumer Demand | Unit 4: The Curves
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Page: 16 of 22
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- A graph of total utility is achieved much like many other graphs in economics, by plotting a set of numbers.
- Let's set the stage.
- The axes at the right present the plotting area.
- The horizontal axis measures quantity, the number of hours spent at the beach. This ranges from 0 to 8.
- The vertical axis measures total utility, in utils, ranging from 0 to 40.
- The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.
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MARGINAL PHYSICAL PRODUCT The change in the quantity of total physical product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total physical product by the change in the variable input. Marginal physical product, which more often goes by the name marginal product (MP), is one of two measures derived from total physical product. The other is average physical product.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for telephone calls from former employers.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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MRS
Marginal Rate of Substitution
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