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First law of thermodynamics: A container with rigid walls is filled with 4 mol of air with CV = 2.5R. How much does the internal (thermal) energy change if the temperature of the air rises from 16°C to 437°C? The ideal gas constant is R = 8.314 J/mol ∙ K.
Price Elasticity
The determination of how price alterations influence the market demand for a commodity.
Marginal Value
The additional satisfaction or utility received by consuming one more unit of a good or service.
Consumer's Demand
The desire of purchasers, users, or consumers for specific goods or services at a given price over a specified period.
Substitution Effect
The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.
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