Demand utility theory and consumer surplus - N
0.0(0)
Studied by 0 people
View linked note
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/4
There's no tags or description
Looks like no tags are added yet.
Last updated 2:38 PM on 9/28/23
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
5 Terms
1
New cards
Demand Curve
The graphical representation of the relationship between the price charged for a product and the quantity demanded, which is inversely proportionate.
2
New cards
Utility Theory
The theory that examines the satisfaction or benefit that a consumer gains from consuming a product.
3
New cards
Marginal Utility
The additional benefit or satisfaction gained by consuming an extra unit of a product.
4
New cards
Total Utility
The overall level of satisfaction that a consumer obtains from consuming all units of a product.
5
New cards
Plot a graph using the table
y axis = 300→-150
x axis 0→7
total utility curved
marginal utility = demand curve
Flashcards (130)