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DISCRIMINATION: Treating people differently based on some sort of group characteristic--like race, ethnic origin, or gender--rather then individual abilities. Discrimination is usually most prominent in employment and housing, but can filter into all aspects of life in many subtle ways. Discrimination tends to be inefficient because it limits the number of buyers or sellers that have access to a given market. Those who discriminate in this manner are, in essence, willing to pay extra for the privilege of associating only with "their own kind."
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Lesson 10: Utility and Demand | Unit 2: A Simple Choice
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Page: 5 of 21
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- The question of the day is: How much, if any, time should I spend at the beach?
- No Constraints
- If the price of beach frolicking is zero or if have nothing better to do with my time and more than enough income to buy all of the beach frolicking that I want, the choice is relatively simple.
- I achieve utility maximization by spending the number of hours at the beach that generates the highest level of utility. That number is 6 or 7 hours and the total utility generated is 42 utils.
- Spending any more or less time generates less total utility.
- Even though I can afford to spend all day at the beach (8 hours), I won't. The total utility of 8 hours is less than that for 6 or 7 hours.
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ELASTIC SUPPLY The general supply relation in which relatively small changes in price cause relatively large changes in quantity supplied. Small changes in price cause relatively large changes in quantity supplied or the percentage change in quantity supplied is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of supply. Elastic supply is one of two general elasticity relations for supply. The other is inelastic supply.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
Your Complete Scope
This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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BIF
Bank Insurance Fund
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