Microeconomic Homework

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timer Asked: Mar 3rd, 2018

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CONSUMER CHOICE MATCHING EXERCISE ECONOMICS TERMS 1. Total utility 2. Anchoring d. Observation that additional quantities of a given good generally have decreasing value for a consumer. 3. The ‘law’ of diminishing marginal utility e. Maximum amount of money a consumer will pay for an additional unit of some good. 4. Marginal analysis f. 5. Behavioral Economics g. A situation in which the usefulness of a product increases with the number of consumers who use it. 6. Consumer surplus 7. Giffen Good Typical story used to explain marginal utility. 8. Inferior good h. Quantity demanded increases when a consumer’s (real) income rises. 9. Indifference curve i. Quantity demanded decreases when a consumer’s (real) income rises. j. Optimal combination of goods for a consumer. 10. Market demand curve 11. The ‘law’ of demand 12. Network externality 13. Normal good k. Method for calculating choices that best promotes the decision maker’s objective. 14. Diamonds versus water paradox l. 15. Sunk Cost DEFINITIONS a. Horizontal summation of individual demand curves. b. Difference between total utility and total expenditures for a given quantity of some good. c. The idea of relating an unknown value to some other known value, even if there is no connection between the two concepts Observation that a lower price generally increases the amount of a good that people in a market are willing to buy. m. A cost that has already been paid and cannot be recovered n. The study of situations in which people maker choices that do not appear to be economically rational. o. Line showing all possible combinations of two goods a consumer finds equally desirable. p. An upward sloping demand curve that might exist in the case of a very inferior good.. Name: __________________________________ DATE:_______________ FILE: KINGSTON/CONSUMER CHOICE MATCHING A.M. Horowitz February 2017
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