微观经济学复习（Review of microeconomics）.docVIP

微观经济学复习（Review of microeconomics） microeconomics Price elasticity of demand: a percentage of the change in quantity demanded per change in the price of a certain commodity. The income elasticity of demand: refers to the percentage of the change in the quantity demanded of a commodity caused by 1% of the income Cross elasticity of demand: when the price of another commodity varies by 1%, the quantity demanded of a certain commodity fluctuates by a few percent. He reflects the extent to which the demand for a commodity is affected by the change in the price of another commodity Demand: at a certain time, at a given price level, the number of goods consumers are willing and able to buy. Demand function: the relationship between the number of requirements for a commodity and the various factors that affect the quantity of the demand. The law of demand: the price of demand is inversely related to the price of demand. Change in quantity demanded: changes in the quantity of demand caused by the change in the commodity itself, given the other factors that affect the demand. Supply price elasticity: the percentage of the quantity of supply changed by the price of a given price of the price of a commodity. It reflects the extent to which supply is responding to changes in price. Utility: refers to the degree to which a consumer is satisfied when he buys, owns or consumes an item or service. Total utility: refers to the total satisfaction of a consumer from consuming a certain amount of goods or services Marginal cost: the total cost of each incremental production of a unit product in the short term Marginal utility: the degree to which a consumer increases the consumption of an item or service. Law of diminishing marginal returns: it is to point to in the process of production, production technology of stays the same, and other factors of the inputs unchanged, for an additional unit of a certain element of the increase of output will fall sooner or later The marginal rate of