Micro, Week 8 Notes
Micro, Week 8 Notes ECON 202-004
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This 1 page Class Notes was uploaded by Loretta Hellmann on Wednesday October 12, 2016. The Class Notes belongs to ECON 202-004 at Western Kentucky University taught by Dr. Melvin Borland in Fall 2016. Since its upload, it has received 20 views. For similar materials see Prin Economics-Micro in Microeconomics at Western Kentucky University.
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Date Created: 10/12/16
Week 8 Notes Monday, October 10, 2011:51 PM Margin utility- the per unit change in total utility that results from an increase in the quantity of the good consumed EXAMPLE: It's the weekend and you could go out on a date The margin utility of the date= 50 The margin utility of staying home = 20 Last time they went out it was $50 Last time they ate at home it was $7 Whenever there is a price change, there's always a response on the demand curve. If the response is small it is considered "inelastic." If the response is large, the response is considered "elastic" (it "stretches" more) The measure of elasticity= (percentage change of the demand/ percentage change of price) Absolute values