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Thinkwell`s Microeconomics Please note: the transcripts are
Thinkwell`s Microeconomics Please note: the transcripts are

... In the last lesson we defined Economics as the study of rational choice under conditions of scarcity. Now we will introduce a second definition of Economics that may seem to have a little more to do with business. Economics is the study of the creation and distribution of value. To understand the im ...
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... MSC: Definitional 3. Which of the following is a characteristic of a competitive market? a. There are many buyers but few sellers. b. Firms sell differentiated products. c. There are many barriers to entry. d. Buyers and sellers are price takers. ANS: D PTS: 1 DIF: 2 REF: NAT: Analytic LOC: Perfect ...
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... sports, you are starved, and so you visit a local pizzeria. That first slice tastes great and puts a serious dent in your hunger. The second is not quite as good as the first. A third is just fair. You don’t even consider a fourth slice. The satisfaction you derive from an additional unit of a produ ...
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Applied Microeconomics
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... The intercept of the line on the y-axis is the price at which Bob buys zero hamburgers. The slope describes Bob’s behavior when the price changes. It means that Bob increases his consumption by one hamburger for every $.50 decrease in price. You determine the slope by dividing the change in the y va ...
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... equals $60 per month, what is the price of a magazine and the price of a CD? A) The price of a magazine is $12 per magazine and the price of a CD is $6 per CD. B) The price of a magazine is $5 per magazine and the price of a CD is $10 per CD. C) The price of a magazine is $4 per magazine and the pri ...
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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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