UTILITY AND PRICES

Февраль 11, 2021

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UTILITY AND PRICES

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2. Content Utility Utility and usefulness The utility is related Low of Diminishing Marginal Utility Shortage. Surplus
3. Utility Commodities of different kinds satisfy our wants in different ways This characteristic of satisfying a
4. Utility and usefulness Utility should not be confused with usefulness Utility determines “the relationship between a
5. Different people and nations Time Quantity, which is available to the consumer In wartime The utility
6. Low of Diminishing Marginal Utility The consumer's desire for a commodity tends to diminish as he
7. Shortage. Surplus High price Low price Shortage will develop Surplus will develop
8. Equilibrium price Low prices! High prices! Equilibrium price N AD AS
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Слайд 2

Content
Utility
Utility and usefulness
The utility is related
Low of Diminishing Marginal Utility
Shortage. Surplus
Equilibrium

Content Utility Utility and usefulness The utility is related Low of Diminishing

price

Слайд 3

Utility
Commodities of different kinds satisfy our wants in different ways
This characteristic

Utility Commodities of different kinds satisfy our wants in different ways This

of satisfying a want is known in economics as “utility”

Слайд 4

Utility and usefulness
Utility should not be confused with usefulness
Utility determines “the relationship

Utility and usefulness Utility should not be confused with usefulness Utility determines

between a consumer and a commodity”

Слайд 5

Different people and nations
Time
Quantity, which is available to the consumer
In wartime
The utility

Different people and nations Time Quantity, which is available to the consumer

is related:

Слайд 6

Low of Diminishing Marginal Utility
The consumer's desire for a commodity tends to

Low of Diminishing Marginal Utility The consumer's desire for a commodity tends

diminish as he buys more units for it

Слайд 7

Shortage. Surplus
High price
Low price
Shortage will develop
Surplus will develop

Shortage. Surplus High price Low price Shortage will develop Surplus will develop

Слайд 8

Equilibrium price
Low prices!
High prices!
Equilibrium price
N
AD
AS

Equilibrium price Low prices! High prices! Equilibrium price N AD AS