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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.

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Lesson 10: Utility and Demand | Unit 4: On To Demand Page: 16 of 21

Topic: Marginal Utility Curve <=PAGE BACK | PAGE NEXT=>

  • This graph displays the marginal utility curve that captures the relation between marginal utility and the quantity good consumed.

  • Our mission is to transform this marginal utility curve into a demand curve.

  • All we need to do is change the measure scale on the curve from marginal utility to demand price

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ARC ELASTICITY

The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for pencil sharpeners with an attitude.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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