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FIRST-DEGREE PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed perfect price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.

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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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MARGINAL REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for high interest rates.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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