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A: The common notation for the "intercept" term of an equation specified as Y = a + bX. Mathematically, the a-intercept term indicates the value of the Y variable when the value of the X variable is equal to zero. Theoretically, the a-intercept is frequently used to indicate exogenous or independent influences on the Y variable, that is, influences that are independent of the X variable. For example, if Y represents consumption and X represents national income, a measures autonomous consumption expenditures.
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Lesson 9: Consumer Demand | Unit 4: The Curves
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Page: 17 of 22
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Topic:
Marginal Utility
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- The marginal utility curve is what provides the greatest insight into market demand and the law of demand.
- The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.
- Let's make a few observations about this curve.
- The marginal utility curve is negatively slope.
- It starts at a relatively high value, 12 utils, then declines as quantity increases.
- The negative slope and decline in the marginal utility curve illustrates the law of diminishing marginal utility.
- These observations are consistent with those made for the marginal utility schedule.
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INTERCEPT, AGGREGATE EXPENDITURES LINE The intercept of the aggregate expenditures line indicates autonomous expenditures, aggregate expenditures that do not depend on the level of income or production. This can be thought of as aggregate expenditures that the four macroeconomic sectors (household, business, government, and foreign) undertake regardless of the state of the economy. Autonomous expenditures are affected by the aggregate expenditures determinants, which cause a change in the intercept and a shift of the aggregate expenditures line.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Failure will never overtake me if my determination to succeed is strong enough." -- Og Mandino, Author and Speaker
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ACIR
Advisory Council on Intergovernmental Relations
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