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Homework Week 14-1

Homework Week 14-1

Q Homework- Week 14-ECON 365 Many of these concepts may be new to you as students. The homework will mostly be definitions or short answer to help you understand the topics. Definitions: Utility (from an economic point of view) Elasticity (from an economic point of view) Do you agree with Schieder and Gould in their analysis of “women’s work”? Why or why not?

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Many of these concepts may be new to you as students. The homework will mostly be definitions or short answer to help you understand the topics. Definitions: Utility (from an economic point of view) -is a term in economics that refers to the total satisfaction received from consuming a good or service. ... The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service. Elasticity (from an economic point of view) - is an economic concept used to measure the change in the aggregate quantity demanded for a good or service in relation to price movements of that good or service. ... Conversely, a product is considered to be inelastic if the quantity demand of the product changes very little when its price fluctuates.