Demand utility theory and consumer surplus - N
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FlashcardsDemand Curve
The graphical representation of the relationship between the price charged for a product and the quantity demanded, which is inversely proportionate.
Utility Theory
The theory that examines the satisfaction or benefit that a consumer gains from consuming a product.
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5 Terms
Demand Curve
The graphical representation of the relationship between the price charged for a product and the quantity demanded, which is inversely proportionate.
Utility Theory
The theory that examines the satisfaction or benefit that a consumer gains from consuming a product.
Marginal Utility
The additional benefit or satisfaction gained by consuming an extra unit of a product.
Total Utility
The overall level of satisfaction that a consumer obtains from consuming all units of a product.
Plot a graph using the table
y axis = 300→-150
x axis 0→7
total utility curved
marginal utility = demand curve