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YIELD TO MATURITY: The annual rate of return on a financial asset that is held until maturity. Yield to maturity depends on both the coupon rate and the face or par value paid at maturity. If the selling price of a financial asset is equal to its par value, then the yield to maturity is equal to the current yield and the coupon rate. However, if the asset is selling at a discount, then the yield to maturity exceeds the current yield, which is greater than the coupon rate. And if the asset is selling at a premium, then the yield to maturity is less than the current yield, which is below than the coupon rate.

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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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AVERAGE VARIABLE COST CURVE

A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one of three average curves. The other two are average total cost curve and average fixed cost curve. A related curve is the marginal cost curve.

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Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for defective microphones.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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