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This page compares the properties of several typical utility functions of divisible goods. These functions are commonly used as examples in consumer theory . The functions are ordinal utility functions, which means that their properties are invariant under positive monotone transformation .
A classic example of the inefficiency caused by non-excludability is the tragedy of the commons (which Hardin, the author, later corrected to the 'tragedy of the unmanaged commons' because it is based on the notion of an entirely rule-less resource) where a shared, non-excludable, resource becomes subject to over-use and over-consumption, which ...
As children mature and learn, they have the potential to benefit society in whatever profession or products they eventually produce. [10] The products and services produced within a home are open to the non-market economy at large. Society as a whole benefits from this unpaid work, whether in an immediate manner or a more abstract, macro scale.
Gender-based price discrimination is the practice of offering identical or similar services and products to men and women at different prices when the cost of producing the products and services is the same. [52] In the United States, gender-based price discrimination has been a source of debate. [53]
In economics, successful product differentiation leads to competitive advantage and is inconsistent with the conditions for perfect competition, which include the requirement that the products of competing firms should be perfect substitutes. There are three types of product differentiation: Simple: based on a variety of characteristics
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. [1]
Infinite divisibility arises in different ways in philosophy, physics, economics, order theory (a branch of mathematics), and probability theory (also a branch of mathematics). One may speak of infinite divisibility, or the lack thereof, of matter , space , time , money , or abstract mathematical objects such as the continuum .
Impure public goods: the goods that satisfy the two public good conditions (non-rivalry and non-excludability) only to a certain extent or only some of the time. For instance, some aspects of cybersecurity, such as threat intelligence and vulnerability information sharing, collective response to cyber-attacks, the integrity of elections, and ...