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Figure 7- 3 The Scapula
Use Figure 7- 3 to answer the following questions:
-Identify the structure labeled "1."
Marginal Utility
The extra pleasure or benefit gained by a consumer from consuming an additional unit of a product or service.
Utility Function
A mathematical representation of how consumers rank different bundles or combinations of goods according to their level of satisfaction.
Partial Derivative
The derivative of a function of multiple variables with respect to one variable, holding the others constant.
Network Externality
A situation where the value of a product or service increases for a user when more people use it.
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