1Marginal utility refers to an increase in a certain period of time a unit of consumer goods or services brought about by the additional effect,that is,the overall effectiveness of the incremental
marginal cost refers to increase the output of a unit then the increased cost arising from the amount that is known as the marginal cost of
marginal revenue refers to a unit increase in product sales revenue increased,that is the last unit of product sold,the proceeds obtained
2Price elasticity of demand represents the demand for a commodity price changes on their response to an extent that it is equal to the relative changes in demand and price ratio of the relative change,or that it is equal to from 1% of the price changes caused by the percentage change in the demand for
Price elasticity of elastic should be the calculation of price elasticity of demand.Price elasticity of demand = (dQ / dP) * (Q / P) =- 0.2/0.35 =- 0.57
3.Lorenz curve said that the percentage of social wealth,with the vertical axis,the horizontal axis will be in accordance with all the population from low-income to high-income arranged from left to right,that each percentage of the population owned by the percentage of social wealth accumulated,the corresponding point of connection into the curve
The total income of residents that are used for that part of the uneven distribution of income a percentage of total income
