identify the following concepts about consumers* and consumption and perform the requested analysis:

1. define Utility
2. graph or find a graph of Diminishing Marginal Utility
3. explain: what is the difference between diminishing marginal utility and willingness to pay?
4. what is willingness to accept?
5. explain: what is the difference between Demand and Quantity Demanded? (detail this answer specifically)

2. briefly explain each type of good (with or without definition). Then answer the following for each: how does an increase in income affect the Demand for this good? How does a decrease in income affect the Demand for this good? How does an increase in price affect the Quantity Demanded? How does a decrease in price affect the Quantity Demanded?⁺

1. Giffen Good
2. Inferior Good
3. Luxury Good
4. Normal Good
5. Veblen Good

3. briefly explain what happens when the price of a substitute good increases, give an example

4. briefly explain what happens when the price of a complementary good increases, give an example

5. What is perfectly inelastic demand? can you find an example?

⁺assume we are unaware why the price is changing (i.e. don't assume price is changing because demand shifted, just assume a price change because of some unknown reason)