Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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DEMAND 89 articles or services, total utility means the loss of satisfaction which would be sustained by the complete withdrawal of that commodity or service, while the marginal utility means the addition made to our total satisfaction by the acquisition of the last increment of the commodity or -service. The diminution spoken of in the law of diminishing utility refers to marginal and not to total utilities; though total utilities may themselves contract when people are encumbered with things of which they want no more, in which case marginal utilities are said to have become negative. We are now in a position fully to grasp the conception of demand. We are said to demand a thing when we are prepared to offer something of value for it. When the offer is made in terms of money the offer is said to be a demand price. Now it will be apparent that a person will buy more of a thing when the price falls. In ordinary circumstances, since the marginal utility of a thing drops when a person gets more and more of it, price must be diminished if he is to be induced to purchase larger quantities. Thus, were the price of tea 18s. a pound, I would buy only one pound a year, say ; but if the price were

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