Examlex
If the total energy of an electron in an accelerator is five times its rest energy,what is its speed? (c = 3.00 × 108 m/s)
Substitution Effect
The economic principle that as prices rise, consumers will replace more expensive items with less costly alternatives.
Marginal Utility
The extra contentment a customer obtains by using an additional unit of a product or service.
Total Utility
The aggregate level of satisfaction or benefit that a consumer derives from consuming a particular quantity of goods or services.
Budget Constraint
The limit that the size of a consumer’s income (and the prices that must be paid for goods and services) imposes on the ability of that consumer to obtain goods and services.
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