utility curve
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utility and value — ▪ economics Introduction in economics, the determination of the prices of goods and services. The modern industrial economy is characterized by a high degree of interdependence of its parts. The supplier of components or raw materials … Universalium
Utility — This article is about the economic concept. For other uses, see Utility (disambiguation). Part of a series on Utilitarianism … Wikipedia
Utility knife — Boxcutter and box cutter redirect here. For the electronic music artist, see Boxcutter (musician). For season four premiere of Breaking Bad, see Box Cutter (Breaking Bad). A utility knife is a knife used for general or utility purposes.[1] The… … Wikipedia
Utility-possibility frontier — The Utility possibility frontier is a concept widely used in Welfare Economics, and analogous to the better known Production possibility frontier. It is a similar diagram which depicts not production of two goods, but rather the utility… … Wikipedia
Demand curve — An example of a demand curve shifting In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity, and the amount of it that consumers are willing and able to purchase at that given price. It is … Wikipedia
Indifference curve — In microeconomic theory, an indifference curve is a graph showing different bundles of goods, each measured as to quantity, between which a consumer is indifferent. That is, at each point on the curve, the consumer has no preference for one… … Wikipedia
Marginal utility — In economics, the marginal utility of a good or service is the utility gained (or lost) from an increase (or decrease) in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that… … Wikipedia
Ordinal utility — theory states that while the utility of a particular good or service cannot be measured using a numerical scale bearing economic meaning in and of itself, pairs of alternative bundles (combinations) of goods can be ordered such that one is… … Wikipedia
Contract curve — Blue contract curve showing points of tangency of indifference curves in an Edgeworth box In microeconomics, the contract curve is the set of points, representing final allocations of two goods between two people, that could occur as a result of… … Wikipedia
Backward bending supply curve of labour — This supply curve shows how the change in real wage rates affects the amount of hours worked by employees.Referring to the graph, if real wages were to increase from W1 to W2 then the worker will obtain a greater utility, due to their higher… … Wikipedia
Expected utility hypothesis — In economics, game theory, and decision theory the expected utility hypothesis is a theory of utility in which betting preferences of people with regard to uncertain outcomes (gambles) are represented by a function of the payouts (whether in… … Wikipedia
