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ASSUMPTIONS, PRODUCTION POSSIBILITIES: Production possibilities analysis is based on four key assumptions: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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Lesson 10: Utility and Demand | Unit 4: On To Demand Page: 17 of 21

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In this unit, you should have learned about:
  • How the demand for a good can be analyzed by comparing the marginal utility-price ratio for one good with the marginal utility-price for other goods.
  • Why price changes that force a readjustment of the rule of consumer equilibrium.
    • Higher prices force the marginal utility to increase, which is accomplished with a decrease in quantity.
    • Lower prices force the marginal utility to decrease, which is accomplished with an increase in quantity.
  • How the law of demand can be explained by the law of diminishing marginal utility.
  • How the marginal utility curve can be converted to a demand curve.

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POINT ELASTICITY

The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for mail order catalogs with hidden messages.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"An idea is never given to you without you being given the power to make it reality."

-- Richard Bach, Author

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