Examlex
What is the gauge pressure at a depth of 6 cm in a glass filled with 4 cm of mercury and 4 cm of water? Water has a density of 1000 kg/m3,and mercury has a density 13.6 times as great.
Marginal Utility
The increased contentment or advantage obtained by the consumption of an extra unit of a good or service.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers from participating in the market.
Utility
Utility refers to the total satisfaction received from consuming a good or service.
Diminishing Utility
The principle that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.
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