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ECONOMIST: A individual, usually a homo sapien, who has received extensive training in economic theories, applications, and analysis and whose primary employment involves the research, teaching, consulting, and other applications of this economic training. Many economists are employed by institutions of higher education for the expressed purpose of enlightening impressionable college students in the wily ways of economic analysis. Other economists are employed by government agencies -- federal, state, and local -- for the expressed purpose of applying economic analysis to important policy decisions.

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INCOME CHANGE, UTILITY ANALYSIS: A disruption of consumer equilibrium identified with utility analysis caused by changes in the buyers' income, which results in a change in the quantities of the goods consumed. The change in buyers' income alters the income constraint and forces a reevaluation of the rule of consumer equilibrium.

     See also | price change, utility analysis | preferences change, utility analysis | utility analysis | consumer equilibrium | buyers' income, demand determinant | rule of consumer equilibrium | marginal utility-price ratio | utility maximization | constrained utility maximization | law of diminishing marginal utility | marginal utility | normal good | utility | total utility | consumer demand theory | utility measurement | cardinal utility | ordinal utility | util | utilitarianism | total utility curve | marginal utility curve | diamond-water paradox |


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INCOME CHANGE, UTILITY ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 24, 2022].


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MARGINAL REVENUE

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a firm equates marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for jovial bank tellers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

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Marginal Revenue Product
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