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MARKET EQUILIBRIUM, GRAPHICAL ANALYSIS: An analysis of market equilibrium using a graph that combines a demand curve and a supply curve. A graphical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a numerical analysis using demand and supply schedules.

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Lesson 10: Utility and Demand | Unit 2: A Simple Choice Page: 6 of 21

Topic: Demand For A Good <=PAGE BACK | PAGE NEXT=>

  • Demand captures changes in quantity demanded resulting from changes in the price.

      Let's take stock of what has happened:

      • The price of beach admission has declined from $1 per hour to $0.50 per hour.
      • The quantity demanded of beach time has increased from 2 hours to 4 hours.
      • Total utility has increased from 22 utils to 36 utils because a larger quantity has been consumed.
      • Marginal utility has decreased from 10 utils to 6 utils, again because a larger quantity has been consumed and the law of diminishing marginal returns has been at work.

    • In conclusion, the lower price of admission has allowed me to purchase a larger quantity of beach time with a given income.

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GOOD

A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"An idea is never given to you without you being given the power to make it reality."

-- Richard Bach, Author

ISIC
International Standard Industrial Classification
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