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NUMBER OF SELLERS: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are resource prices, technology, other prices, and sellers' expectations. This determinant is based on the simple observation that if more people are willing and able to sell a good, then supply is greater.
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 11 of 22
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Topic:
Measuring Marginal Utility
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- 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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UNEMPLOYMENT RATE The proportion of the civilian labor force 16 years or older that is actively seeking employment, but is unemployed and not engaged in the production of goods and services. The unemployment rate is estimated and reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor. It is used not only as the prime measure of labor unemployment in the economy, but also as a key indicator of business-cycle instability. In principle, the unemployment rate measures the proportion of the labor that is willing and able to work, but not employed. In practice, the official unemployment rate is simply the ratio of total unemployment to the total civilian labor force, in percentage terms.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for door-to-door salesmen.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The only thing that will stop you from fulfilling your dreams is you. " -- Tom Bradley, former Los Angeles mayor
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VC
Variable Cost
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