Key Terms –demand –demand schedule –demand curve –Law of Demand –market demand curve –marginal utility –diminishing marginal utility.
Demand, Utility, and the Value of Time Today: An introduction to a route choice situation and utility.
1 of 35 WHAT YOU WILL LEARN IN THIS CHAPTER chapter: 10 >> Krugman/Wells ©2009 Worth Publishers The Rational Consumer.
3 3 Consumer Choice, Market Demand, and Elasticity.
Unit 2 Supply & Demand. Demand Basics Demand Schedule and Demand Curve.
Unit 5 – Marginal Utility. Categories Terms / ConceptsTerms / Concepts 2 ProblemsMore Problems Market Types 100 200 300 400 500.
Unit 2 Review Demand. What is the term defined as the desire, willingness, and ability to purchase a product at a particular price? What is the term defined.
The Law of Equi-Marginal Utility ………. The Law of Equi-Marginal Utility………. An extension to the law of diminishing marginal utility.