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TRANSPORTABLITY: One of four characteristics that enables an asset to better function as money. The other three are durability, divisibility, and non-counterfeitability. This characteristic means that the item used as money can be easily moved from one location to another, which is extremely useful because markets tend to be scattered all over the place. It really helps if buyers can transport their money to the points of purchase. An item could not be effectively used as a medium of exchange if it were not easily transportable.

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Lesson 9: Consumer Demand | Unit 2: Total Utility Page: 8 of 22

Topic: Utility Maximization <=PAGE BACK | PAGE NEXT=>

  • Utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services.

  • But what if spending 6 or 7 hours at the beach time is not possible. This brings up the notion of constrained utility maximization.

  • Constrained utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services, under given restrictions, when the highest overall level of utility cannot be reached.

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AVERAGE PRODUCT CURVE

A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for gnomes hiding in cypress trees.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"Kites rise highest against the wind, not with it. "

-- Winston Churchill, British prime minister

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Average Propensity to Consume
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