Tài liệu Ten Principles of Economics - Part 39 pdf

... the quantity of labor at which the value of the marginal product equals the wage. As a result, the value -of- marginal-product curve is the labor demand curve for a competitive, profit-maximizing ... Quantity of Apple Pickers 0 Value of the Marginal Product Market wage Profit-maximizing quantity Value of marginal product (demand curve for labor) Figure 1 8-3 THE VALUE OF THE M...

Ngày tải lên: 26/01/2014, 18:20

... opportunity cost of producing 1 pound of meat is 2 pounds of potatoes. Explain why the rancher’s opportunity cost of producing 1 pound of meat is 1/8 pound of potatoes. 2. Maria can read 20 pages of economics ... pound of potatoes costs the rancher 8 pounds of meat, 1 pound of meat costs the rancher 1/8 pound of potatoes. Similarly, because 1 pound of potatoes costs...

Ngày tải lên: 15/12/2013, 11:15

... 10 3.00 5 8 13 78 PART TWO SUPPLY AND DEMAND I: HOW MARKETS WORK Ben’s Supply Price of Ice-Cream Cone Price of Ice-Cream Cone ؉ Jerry’s Supply 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Ice-Cream Cones $3.00 1.50 2.00 2.50 1.00 0.50 0 123456789101112 Quantity ... OF SUPPLY AND DEMAND 77 MARKET SUPPLY VERSUS INDIVIDUAL SUPPLY Just as market demand is the sum of the demands of all b...

Ngày tải lên: 15/12/2013, 11:15

... number of births is temporarily high. How does this baby boom affect the price of baby-sitting services in 2010 and 2020? (Hint: 5-year-olds need baby-sitters, whereas 15-year-olds can be baby-sitters.) 7. ... Falls Price of Ice-Cream Cone Quantity of Ice-Cream Cones 0 New equilibrium Initial equilibrium S 1 D 1 D 2 S 2 Q 1 Q 2 P 2 P 1 (a) Price Rises, Quantity Rises Price of Ice-C...

Ngày tải lên: 15/12/2013, 11:15

... VARIETY OF SUPPLY CURVES Because the price elasticity of supply measures the responsiveness of quantity sup- plied to the price, it is reflected in the appearance of the supply curve. Figure 5-6 shows ... 1). 4 Figure 5-7 H OW THE P RICE E LASTICITY OF S UPPLY C AN V ARY . Because firms often have a maximum capacity for production, the elasticity of supply may be very high a...

Ngày tải lên: 15/12/2013, 11:15

... Second, debt financing of wars shifts part of the cost of wars to fu- ture generations, who will have to pay off the government debt. This is argu- ably a fair distribution of the burden, for future ... 1990s. Source: U.S. Department of Treasury; U.S. Department of Commerce; and T. S. Berry, “Production and Population since 1789,” Bostwick Paper No. 6, Richmond, 1988. 574 PART...

Ngày tải lên: 15/12/2013, 11:15

... macroeconomic vari- able. One 1996 study found that inflation was the economic term mentioned most often in U.S. newspapers (far ahead of second-place finisher unemployment and third-place finisher ... the princi- ple of monetary neutrality. A worker who receives an annual raise of 10 percent tends to view that raise as a reward for her own talent and effort. When an infla- tion rate o...

Ngày tải lên: 15/12/2013, 11:15