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TOTAL PHYSICAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than a fancy term for total product. The additional of the second term physical merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal productivity theory and the analysis of factor demand. However, average physical product and marginal physical product are really just average product and marginal product.
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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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DEMAND INCREASE An increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve. An increase in demand is caused by a change in a demand determinant and results in an increase in equilibrium quantity and an increase in equilibrium price. A demand increase is one of two demand shocks to the market. The other is a demand decrease.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SEC
Securities and Exchange Commision
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