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 MARGINAL REVENUE PRODUCT CURVE: A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays in key role in the economic analysis of factor markets and the quantity of inputs employed.
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 Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 11 of 22

 Topic: Measuring Marginal Utility <=PAGE BACK | PAGE NEXT=>

• We can easily calculate marginal utility using Edgar Millbottom's total utility values displayed at the right.

• To review, note that:

• The total amount of time spent at the beach increases from 0 to 8 hours.
• As the number of hours spent at the beach increases, total utility increases from 0 to 42 utils, then decreases.
• The maximum utility of 42 utils is reached for 6 or 7 hours at the beach.

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CHECK CLEARING

The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another. Check clearing is the heart and sole of daily banking activity and the final step in the use of checkable deposits as the medium of exchange for conducting transactions in the economy. Check clearing is facilitated by central clearinghouses, including the Federal Reserve System and a number of private organizations. The check clearing process is also a key component of the money creation process.

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 On a typical day, the United States Mint produces over \$1 million worth of dimes.
 "When one door closes another door opens; but we do often look so long and so regretfully upon the closed door, that we do not see the ones which open for us. "-- Alexander Graham Bell, inventor
 PSBRPublic Sector Borrowing Requirement
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