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Marginal Analysis (Crash Course)
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Marginal Analysis (Crash Course)
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12 Questions

1. What is a unit used to quantify satisfaction?

2. In economics, what is utility when talking about customers.

3. What is substitution Effect

4. Elasticity of demand refers to what?

5. Marginal analysis looks at what two things?

6. When would something have inelasticity of demand?

7. As people consume more of something, they want to pay less for it. Why?

8. The law of decreasing additional satisfaction refers to what?

9. IF something has a high utility score for someone, why might they not use it a lot?

10. Why would something have inelasticity of supply?

11. Diamond water paradox says what basically

12. In economics, the word 'marginal' is similar to what word?

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