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UTILITY ANALYSIS: A subset of consumer demand theory that analysis consumer behavior and market demand using total utility and marginal utility. The key principle of utility analysis is the law of diminishing marginal utility, which offers an explanation for the law of demand and the negative slope of the demand curve.
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RELATIVELY INELASTIC An elasticity alternative in which relatively large changes in one variable (usually price) cause relatively small changes in another variable (usually quantity). In other words, quantity is not very responsive to price. Quantity does change, but not much, in response to large changes in price. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Relatively inelastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively elastic, and unit elastic.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"Failure is the opportunity to begin again, more intelligently. " -- Henry Ford, automobile manufacturer
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ACBS
Accrediting Commission for Business Schools
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