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PRICE CHANGE, UTILITY ANALYSIS: A disruption of consumer equilibrium identified with utility analysis caused by changes in the price of a good, which likely results in a change in the quantities of the goods consumed. The change in the price alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.

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Lesson 10: Utility and Demand | Unit 1: The Set Up Page: 4 of 21

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In this unit, you should have learned about:
  • A review of the demand concepts that are closely investigated by the study of utility, including law of demand, demand price, quantity demanded, income effect, and substitution effect.
  • A review of the utility concepts associated with consumer demand theory, including total utility, marginal utility, law of diminishing marginal utility, and utility maximization.
  • Why buying decisions are likely to depend on the marginal utility received and the law of diminishing marginal utility.
  • How the analysis of utility and consumer demand can be used to understand other decisions.

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AGGREGATE DEMAND

The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.

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