Textbook Notes (368,125)
Canada (161,663)
Economics (818)
ECON 2100 (7)
Chapter 3

Chapter 3- Benefits and Costs, Supply and Demand

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Department
Economics
Course
ECON 2100
Professor
Ross Mc Kitrick
Semester
Fall

Description
Chapter 3- Benefits and Costs, Supply and Demand October 7, 2013 11:21 AM Definitions Willingness to Pay (WTP) - the monetary value to an individual of enjoying the benefits of a particular good or service, rather than go without that good or service Total Willingness to Pay- the amount a person is willing to pay to attain a particular level of consumption rather than go without the good entirely Marginal Willingness to Pay- a person's willingness to pay for one or more unit of
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