Tài liệu Ten Principles of Economics - Part 10 ppt

... by the per- centage change in the price. That is, Price elasticity of demand ϭ . For example, suppose that a 1 0- percent increase in the price of an ice-cream cone causes the amount of ice cream ... 4)/5 ϫ 100 ϭ 40. Similarly, a change from $6 to $4 is considered a 40 per- cent fall. Because the midpoint method gives the same answer regardless of the direc- tion of change, it is...

Ngày tải lên: 15/12/2013, 11:15

... various mixes of output that an economy can produce. It illustrates one of the Ten Principles of Economics in Chapter 1: People face tradeoffs. Here the farmer faces a tradeoff between produc- ing meat ... case of babies and mini- vans. Couples often buy a minivan in anticipation of the birth of a child. The Violent Crimes (per 1,000 people) Police Officers (per 1,000 peopl...

Ngày tải lên: 15/12/2013, 11:15

... sum of all the individual demands for a particular good or service. Catherine’s Demand Price of Ice-Cream Cone Price of Ice-Cream Cone Nicholas’s Demand 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Ice-Cream ... of Ice-Cream Cones $3.00 1.50 2.00 2.50 1.00 0.50 0 12345678 9101 112 Quantity of Ice-Cream Cones $3.00 1.50 2.00 2.50 1.00 0.50 ؉ demand curve a graph of the relationship...

Ngày tải lên: 15/12/2013, 11:15

... on labor-force participation. The labor-force participation rate measures the percentage of the total adult pop- ulation of the United States that is in the labor force: Labor-force participation ... percent. Hence, in 1998, two-thirds of the U.S. adult population were participating in the labor market, and 4.5 percent of those labor-market participants were with- out work. Table 2...

Ngày tải lên: 15/12/2013, 11:15

... has a fifty-fifty chance of hiring the compe- tent one. By contrast, if the firm offers any lower wage, it is sure to hire the incom- petent worker. In many situations in life, in- formation ... 601 was profitable for the firm. Henry Ford himself called the $5-a-day wage “one of the finest cost-cutting moves we ever made.” Historical accounts of this episode are also consistent with ......

Ngày tải lên: 15/12/2013, 11:15

... 1921 = 100 ) Index (July 1921 = 100 ) (c) Germany Price level 1 Index (Jan. 1921 = 100 ) (d) Poland 100 ,000,000,000,000 1,000,000 10, 000,000,000 1,000,000,000,000 100 ,000,000 10, 000 100 100 ,000 10, 000 1,000 100 19251924192319221921 Money ... Poland 100 ,000,000,000,000 1,000,000 10, 000,000,000 1,000,000,000,000 100 ,000,000 10, 000 100 100 ,000 10, 000 1,000 100 19...

Ngày tải lên: 15/12/2013, 11:15

... outcomes: efficiency the property of a resource allocation of maximizing the total surplus received by all members of society equity the fairness of the distribution of well-being among the members of society CHAPTER ... planner. The benevolent social planner is an all-knowing, all-powerful, well-intentioned dictator. The planner wants to maxi- mize the economic well-being of ev...

Ngày tải lên: 24/12/2013, 17:15

... that part of the disagree- ment may rest on different views about the elasticity of labor supply and the deadweight loss of taxation. “L ET ME TELL YOU WHAT I THINK ABOUT THE ELASTICITY OF LABORSUPPLY .” QUICK ... tax revenue. This chapter has shed some light on how high the price of civilized society can be. One of the Ten Principles of Economics discussed in Chapter 1...

Ngày tải lên: 24/12/2013, 17:15

... importer of a good, domestic consumers of the good are better off, and domestic producers of the good are worse off. ◆ Trade raises the economic well-being of a nation in the sense that the gains of the ... the losses of the losers. Now that we have completed our analysis of trade, we can better understand one of the Ten Principles of Economics in Chapter 1: Trade can...

Ngày tải lên: 24/12/2013, 17:15