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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 15 of 22
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In this unit, you should have learned about:- Marginal utility as the extra satisfaction obtained from consuming more units of a good.
- How marginal utility is identified as the change in total utility due to a change in the quantity.
- The marginal utility schedule as a table relating marginal utility and the quantity consumed.
- How marginal utility decreases with the quantity consumed until it becomes negative.
- The law of diminishing marginal utility which states that marginal utility declines when more of a good is consumed.
- Why the law of diminishing marginal utility results from fulfilling a want or need.
- The potential relation between the law of demand and the law diminishing marginal utility.
- How the diamond-water paradox illustrates the difference between total utility and marginal utility.
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SCARCE GOOD A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for cardboard boxes.
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In the early 1900s around 300 automobile companies operated in the United States.
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"What gets measured gets done." -- Peter Drucker, educator
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FSL
Federal Savings and Loan Association
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