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REGULATORY POLICY: Government policy based on government's ability to pass laws and enact regulations.
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Lesson 9: Consumer Demand | Unit 4: The Curves
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Page: 16 of 22
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- A graph of total utility is achieved much like many other graphs in economics, by plotting a set of numbers.
- Let's set the stage.
- The axes at the right present the plotting area.
- The horizontal axis measures quantity, the number of hours spent at the beach. This ranges from 0 to 8.
- The vertical axis measures total utility, in utils, ranging from 0 to 40.
- The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.
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AUTONOMOUS CONSUMPTION Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.
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In the early 1900s around 300 automobile companies operated in the United States.
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"You don't have to be a fantastic hero to do certain things - to compete. You can be just an ordinary chap, sufficiently motivated to reach challenging goals." -- Sir Edmund Hillary, Explorer
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GNMA
Government National Mortgage Association
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