Examlex
How is the price elasticity of demand calculated?
Total Utility
The total satisfaction or benefit that a consumer derives from consuming a certain quantity of goods or services.
Marginal Utility
The increase in satisfaction or value derived from the consumption of one more unit of a good or service.
Utility Schedule
A table showing the relationship between quantities of goods consumed and the utility or satisfaction derived from those quantities.
Marginal Utility
The surplus satisfaction or advantage gained upon consuming an incremental unit of a good or service.
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