Tài liệu Ten Principles of Economics - Part 23 ppt

... THERISK OF THIS, BUTATWHATCOST? 238 PART FOUR THE ECONOMICS OF THE PUBLIC SECTORCASE STUDYWHY THE COW IS NOT EXTINCTThroughout history, many species of animals have been threatened with ... some-times used by courts to award damages in wrongful-death suits, is to look at thetotal amount of money a person would have earned if he or she had lived.Economists are often critical of ... essence, a Pigovian tax on the externality of con-gestion. Often, as in the case of local roads, tolls are not a practical solution becausethe cost of collecting them is too high.Sometimes...

Tài liệu Ten Principles of Economics - Part 5 ppt

... various mixes of outputthat an economy can produce. It illustrates one of the Ten Principles of Economics inChapter 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. TheViolentCrimes (per 1,000people)Police Officers(per 1,000 people)0Figure 2A-7GRAPHSUGGESTINGREVERSECAUSALITY. ... I’ll produce 24 pounds of meat and 2 pounds of potatoes. After I give you 3 pounds of meat in exchange for 1 pound of potatoes, I’ll have 21 pounds of meat and 3 pounds of potatoes. Inthe end,...

Tài liệu Ten Principles of Economics - Part 7 pptx

... sum of all theindividual demands for a particular good or service.Catherine’s DemandPrice of Ice-CreamConePrice of Ice-CreamConeNicholas’s Demand0 1 2 3 4 5 6 7 8 9 10 11 12Quantity of Ice-Cream ... of Ice-Cream Cones$3.001.502.002.501.000.500 1234 56789101112Quantity of Ice-Cream Cones$3.001.502.002.501.000.50؉demand curvea graph of the relationship betweenthe price of a ... relationshipbetween the price of a good and thequantity demandedPrice of Ice-CreamCone02.502.001.501.000.501 2 3 4 5 6 7 8 9 10 11Quantity of Ice-Cream Cones$3.0012Figure 4-1 CATHERINE’SDEMANDCURVE.This...

Tài liệu Ten Principles of Economics - Part 10 ppt

... considered a 40 per-cent fall.Because the midpoint method gives the same answer regardless of the direc-tion of change, it is often used when calculating the price elasticity of demand be-tween two ... together, such as comput-ers and software. In this case, the cross-price elasticity is negative, indicating thatan increase in the price of computers reduces the quantity of software demanded.QUICK ... affect attendance—weather, population, size of collection, and so forth—to isolate the effect of price. In the end, such data analysis would provide an estimate of the price elas-ticity of demand,...

Tài liệu Ten Principles of Economics - Part 57 pptx

... 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 ... million, the labor-force participationrate wasLabor-force participation rate ϭ (137.7/205.2) ϫ 100 ϭ 67.1 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 6-1 shows the statistics on unemployment and labor-force participationfor various groups within...

Tài liệu Ten Principles of Economics - Part 59 pptx

... 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 ... 601was 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 ... variety of interesting problems for eco-nomic theory. Some of theseproblems were highlighted inour description of the theory of efficiency wages. These prob-lems, however, go beyond thestudy of...

Tài liệu Ten Principles of Economics - Part 62 ppt

... head of the central banksaid today that the bank intends to bailout many of the nation’s bankrupt finan-cial institutions by buying back theirmultibillion-ruble portfolios of Govern-ment ... quantity of money sup-plied. This equilibrium of money supply and money demand determines the value of money and the price level.Quantity fixedby the FedQuantity of MoneyValue of Money, ... Inflation rate.This way of looking at the nominal interest rate is useful because different eco-nomic forces determine each of the two terms on the right-hand side of this equa-tion. As we discussed...

Tài liệu Ten Principles of Economics - Part 15 ppt

... outcomes:efficiencythe property of a resource allocation of maximizing the total surplusreceived by all members of societyequitythe fairness of the distribution of well-being among the members of societyCHAPTER ... planner. The benevolent social planner is anall-knowing, all-powerful, well-intentioned dictator. The planner wants to maxi-mize the economic well-being of everyone in society. What do you suppose ... surplus of all sellers.Quantity of Houses PaintedQuantity of Houses PaintedPrice of HousePainting500800$9000Supply600 1234 (b) Price = $800Price of HousePainting500800$9000600 1234 (a)...

Tài liệu Ten Principles of Economics - Part 17 ppt

... that part of the disagree-ment may rest on different views about the elasticity of labor supply and thedeadweight loss of taxation.“LET ME TELL YOU WHATI THINK ABOUT THE ELASTICITY OF LABORSUPPLY.”QUICK ... tax revenue.This chapter has shed some light on how high the price of civilized society canbe. One of the Ten Principles of Economics discussed in Chapter 1 is that markets areusually a good ... the dead-weight loss rises by a factor of 9.The government’s tax revenue is the size of the tax times the amount of thegood sold. As Figure 8-6 shows, tax revenue equals the area of the rectangle...

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