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FLOATING EXCHANGE RATE: An exchange rate determined through the unrestricted interaction of supply and demand in the foreign exchange market. A floating exchange rate means that a nation's government is NOT trying to manipulate currency prices to achieve some change in the exports or imports.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 9 of 21

Topic: How Much Of Each? <=PAGE BACK | PAGE NEXT=>

  • No Constraints

  • To maximize total utility from both activities, I need to spend 6 or 7 hours at the beach and 5 or 6 hours at the amusement park.

  • A Time Constraint

  • Suppose for some reason I cannot spend more than 7 hours engaged in this two activities.

  • Clearly I can't spend the 11 hours (6 hours at the beach and 5 hours at the amusement park) that would maximize utility with no constraints.

  • The best of the choices is 4 hours at the amusement park and 3 hours at the beach.


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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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