Tài liệu Ten Principles of Economics - Part 11 pdf

... 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...

Ngày tải lên: 15/12/2013, 11:15

... 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

... and demand Price of Ice-Cream Cone $2.00 01234567891 0111 2 Quantity of Ice-Cream Cones 13 Equilibrium quantity Equilibrium price Equilibrium Supply Demand Figure 4-8 T HE E QUILIBRIUMOF S UPPLY AND D EMAND . ... 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 1...

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

... 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 ... the Republicans took control of Congress in 1995, deficit reduc- tion was high on their legislative agenda. Both of these efforts substantially re- duced the size of the govern...

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