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The Consumer

What is a consumer? An individual who makes the decision whether or not to buy goods or services
Define utility The amount of benefit or satisfaction derived from the consumption of a good or service
What is an economic good? A product or service which commands a price derives utility and is transferable
What is marginal utility? The additional utility derived by the consumption of one extra unit of a good
What is the law of diminishing marginal utility? As more units of a good are consumed a point will be reached where marginal utility begins to decline
Name 5 assumptions underlying the law of diminishing marginal utility Applies only after certain amount has been consumed. Sufficient time has not elapsed for circumstances to change. Income doesn't change. It does not apply to addictive goods.
Define equilibrium The condition where there is no tendency to change
What is the equimarginal principle of utility? consumers will choose a combination of goods to maximise their total utility. This will occur where. (Marginal Utility of A) = (Marginal utility of B)
Created by: JackEatonK98