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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 9: Consumer Demand | Unit 2: Total Utility Page: 7 of 22

Topic: Total Utility Schedule <=PAGE BACK | PAGE NEXT=>

  • I talked Edgar Millbottom into spending the day at the beach recording the amount of total utility achieved at the end of each hour.
  • The table presented here summarizes Edgar's hypothetical total utility numbers.
  • The two columns presented in the table measure the quantity of time spent at the beach (in hours) and the total utility accumulated by Edgar at the end of each hour (in utils).

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MARKET EQUILIBRIUM

The state of equilibrium that exists when the opposing market forces of demand and supply achieve a balance with no inherent tendency for change. Once achieved, a market equilibrium persists unless or until it is disrupted by an outside force, especially the demand and supply determinants. A market equilibrium is indicated by equilibrium price and equilibrium quantity.

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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a set of hubcaps or handcrafted decorations to hang on your walls. Be on the lookout for malfunctioning pocket calculators.
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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.
"Kites rise highest against the wind, not with it. "

-- Winston Churchill, British prime minister

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