Tài liệu Ten Principles of Economics - Part 8 pdf

... 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 ... and demand Price of Ice-Cream Cone $2.00 0123456 789 101112 Quantity of Ice-Cream Cones 13 Equilibrium quantity Equilibrium price Equilibrium Supply Demand Figure 4 -8 T HE E Q...

... opportunity cost of meat is the inverse of the opportunity cost of potatoes. Because 1 pound of potatoes costs the rancher 8 pounds of meat, 1 pound of meat costs the rancher 1 /8 pound of potatoes. ... 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 po...

... 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...

... introduction of a new hybrid. Figure 5 -8 shows an example of such a change. When the supply curve shifts from S 1 to S 2 , the quantity of wheat sold in- creases from 100 to 110, and the price of wheat ... 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 s...

... 1990s. Source: U.S. Department of Treasury; U.S. Department of Commerce; and T. S. Berry, “Production and Population since 1 789 ,” Bostwick Paper No. 6, Richmond, 1 988 . 572 PART NINE THE REAL ECONOMY ... history, the primary cause of fluctuations in government debt is war. When wars occur, government spending on national defense rises Percent of GDP 1790 181 0 183 0 185 0 187 0 1...

... 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...