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What is the concept of diminishing marginal utility?
What is the concept of diminishing marginal utility?
Demand is assumed to fall when prices rise because it is assumed that the more we consume of something the less we enjoy the extra unit of consumption. As such, consumers are less willing to pay for each additional unit of the good.
What is the 'income effect'?
What is the 'income effect'?
The income effect: as a good becomes cheaper, individuals become richer, as their money can be spent on more products. Therefore, they demand more.
What does the price elasticity of demand describe?
What does the price elasticity of demand describe?
The price elasticity of demand describes the sensitivity of the amount of a good demanded to changes in the price of that good.
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