Elasticity & Utility
Other word for Utility
What is satisfaction?
America runs on
What is dunkin (dunkin dounuts)?
Price x Quantity
What is total revenue?
Is now famously known as the "fall's flavor"
What is pumpkin spice?
For each additional unit, the returns are smaller and smaller.
What is the Law of Diminishing Returns?
Buying about the same amount regardless of the price
What is inelastic demand?
Hasta la vista
What is baby?
All costs are variable
What is Long run?
It's a horse with a horn
What is a unicorn?
Value of dismissed options
What is opportunity cost?
These items have negative income elasticity of demand
What are inferior goods?
With great power comes
What is great responsibility?
TR - TC
What is the profit formula?
Neville Longbottom's toad's name
What is Trevor?
What is the equilibrium point?
This elasticity might indicate luxury or high ticket items
What is very elastic elasticity of demand?
Don't worry
What is be happy?
Determines the market structure
What is long run average cost?
Movie for holiday different than its title
What is the Nightmare before Christmas?
Sellers, input prices, taxes and subsidies.
What are determinants of supply?
MUa/Pa = MUb/Pb
What is the formula for consumer equilibrium?
KC&CO
What is keep calm and carry on?
It is shaped like the Nike logo
What is marginal cost?
Sport where players use brooms (IRL)
What is curling?
These are the economic resources
What is land, labor, capital, and entrepreneurship?