Outline principles of economics

... because MU of 12 utils of $1 MU of 6 utils of $1 x x y y PP > 102 PRINCIPLES OF ECONOMICS technology and the quantity and quality of the economy’s resources. Thus, the production of each good ... MU y of Table 11.3, money income of $10, P x = $2, and P y = $1. a. Describe how this consumer should spend each dollar of her $10 100 PRINCIPLES OF ECONOMICS Figur...

Ngày tải lên: 13/12/2013, 14:53

... amount of income— $100,000 in our example—were fixed. But, in fact, it is not. Utilitarians reject com- plete equalization of incomes because they accept one of the Ten Principles of Economics ... veil of ignorance would be to maximize the average utility of members of society, and the resulting notion of justice would be more utilitarian than Rawlsian. LIBERTARIANISM A th...

Ngày tải lên: 18/10/2013, 00:15

... cutting back on the luxury of meat and buying more of the staple food of potatoes. Thus, it is argued that a higher price of potatoes actually raised the quantity of potatoes demanded. Whether ... of consumer choice does allow demand curves to slope upward. Yet such occurrences are so unusual that the law of demand is as reliable a law as any in economics. Quantity of Meat A...

Ngày tải lên: 24/10/2013, 18:15

... the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate ... producer. 506 PART EIGHT THE DATA OF MACROECONOMICS CASE STUDY INTERNATIONAL DIFFERENCES IN GDP AND THE QUALITY OF LIFE One way to gauge the usefulness of GDP as a measur...

Ngày tải lên: 29/10/2013, 01:15

... honey. P RICE Q UANTITY P RICEOF Q UANTITY Y EAR OF M ILK OF M ILK H ONEY OF H ONEY 2001 $1 100 qts. $2 50 qts. 2002 $1 200 $2 100 2003 $2 200 $4 100 510 PART EIGHT THE DATA OF MACROECONOMICS a. Compute ... Bureau of Labor Statistics did revise the basket of goods B EHIND EVERY MACROECONOMIC STATISTIC are thousands of individual pieces of data on the economy. This article fol-...

Ngày tải lên: 29/10/2013, 01:15

... ideas. In the rest of this chapter, we look at Ten Principles of Economics. These principles recur throughout this book and are introduced here to give you an overview of what economics is all ... spending money. scarcity the limited nature of society’s resources economics the study of how society manages its scarce resources CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 5 O...

Ngày tải lên: 08/11/2013, 00:15

... task. The field of economics is based on a few basic ideas that can be applied in many dif- ferent situations. Throughout this book we will refer back to the Ten Principles of Economics highlighted ... three examples of important tradeoffs that you face in your life. 2. What is the opportunity cost of seeing a movie? 3. Water is necessary for life. Is the marginal benefit of a...

Ngày tải lên: 08/11/2013, 00:15

... source of the inefficiency were eliminated, the economy could move from point B to point A, increasing production of both cars (to 700) and computers (to 2,000). One of the Ten Principles of Economics ... less of the other. When the economy moves from point A to point C, for instance, society produces more computers but at the ex- pense of producing fewer cars. Another of th...

Ngày tải lên: 08/11/2013, 00:15