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UTILITY MEASUREMENT: A quantification of the satisfaction of wants and needs achieved through the consumption of goods and services. In principle, utility measurement can take one of two forms: (1) cardinal, which is based on numerical values (1, 2, 3, etc.) and (2) ordinal which is based on rankings (first, second, third, etc.). While the hypothetical instructional analysis of utility relies on cardinal utility, ordinal utility is a more realistic way to measure satisfaction.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 17 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Calculating the price elasticity of demand using the midpoint formula.
  • How the price elasticity of demand takes on a range of values over a demand schedule.
  • Why a straight-line demand curve contains all five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.
  • The difference between slope measured in actual units and elasticity measured in relative values.
  • Why elasticity changes along demand curve from high prices and small quantities to low prices and large quantities..
  • The relation between total expenditures on a good and the five elasticity alternatives on a demand curve.

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GAINS FROM TRADE

The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.

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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for telephone calls from former employers.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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