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TOTAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.

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Lesson 10: Utility and Demand | Unit 1: The Set Up Page: 1 of 21

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

  • Recall that the definition of demand is something like this:

  • Demand is the willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period.
  • The law of demand...
  • The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
  • If the price rises, buyers buy less; if the price falls, buyers buy more.

  • One set of explanations for the law of demand are the income effect and the substitution effect.

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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for strangers with large satchels of used undergarments.
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