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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.

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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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COEFFICIENT OF ELASTICITY

A numerical measure of the relative response of one variable to changes in another variable. The coefficient of elasticity is used to quantify the concept of elasticity, including price elasticity of demand, price elasticity of supply, income elasticity of demand, and cross elasticity of demand. The coefficient can be calculated using the simple endpoint or midpoint formulas or with more sophisticated calculus and logarithmic techniques.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"The past is a foreign country; they do things differently there."

-- Leslie Poles Hartley, Writer

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