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MARKET AREA: In general, a geographic area in which a firm can profitably sell an output or buy an input. The size of a market area is based on the transportation cost of the input or output relative to the price. A higher price or lower transportation cost will increase the market area.

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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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DERIVATION, AGGREGATE EXPENDITURES LINE

An aggregate expenditures line, a graphical depiction of the relation between aggregate expenditures and the level of aggregate income or production, can be derived by sequentially adding expenditures by the four macroeconomic sectors (household, business, government, and foreign). This derivation process begins with the consumption line, then adds investment, government purchases, and finally net exports. The process actually generates three alternative aggregate expenditures lines based on the number of sectors included (two sector, three sector, and four sector).

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. "

-- Martin Luther King Jr., civil rights leader

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Generalized Axioms of Revealed Preference
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