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5550_l3_2014-Micro 2
5550_l3_2014-Micro 2

Homework 1: Supply/Demand and Consumer Behavior
Homework 1: Supply/Demand and Consumer Behavior

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... Unit II: Supply, Demand, and Consumer Choice Demand  Law of Demand  Market Demand Curve  5 Determinants (Shifters) of Demand  Normal Goods vs. Inferior Goods  Substitutes and Compliments Supply  Law of Supply  Market Supply Curve  6 Determinants (Shifters) of Supply Equilibrium and Efficienc ...
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20 – Consumer Choice
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... 5. The cost of producing LCD flat-screen televisions is dropping rapidly due to improvements in technology. Motorola, according to NYTimes, will be entering this market, drawn by the current high rates of profit and projected 200 percent per year increase in sales. Motorola: a. May lose money in the ...
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< 1 ... 130 131 132 133 134 135 136 137 138 ... 143 >

Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. The theory has been used in order to explain the difference in wages among essential and non-essential services, such as why the wages of an air-conditioner repairman exceed those of a childcare worker.The theory arose in the mid-to-late nineteenth century in response to the normative practice of classical economics and growing socialist debates about social and economic activity. Marginalism was an attempt to raise the discipline of economics to the level of objectivity and universalism so that it would not be beholden to normative critiques. The theory has since come under attack for its inability to account for new empirical data.Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost. The neoclassical tradition that emerged from British marginalism abandoned the concept of utility and gave marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economic theory.
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