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AMERICAN FEDERATION OF LABOR: Started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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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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AUCTION

A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

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