Tài liệu Ten Principles of Economics - Part 79 ppt

... effect—the one-for-one adjust- ment of the nominal interest rate to the inflation rate fixed costs—costs that do not vary with the quantity of output produced fractional-reserve banking—a bank- ing ... quantity de- manded of a good falls when the price of the good rises law of supply—the claim that, other things equal, the quantity supplied of a good rises when the price of...

Ngày tải lên: 21/01/2014, 23:20

... 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 ... relationship between the price of a good and the quantity demanded Price of Ice-Cream Cone 0 2.50 2.00 1.50 1.00 0.50 1 2 3 4 5 6 7 8 9 10 11 Quantity of Ice-Cream Cones $3....

Ngày tải lên: 15/12/2013, 11:15

... 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 that an increase in the price of computers reduces the quantity of sof...

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 ... Statistics (BLS), which is part of the Department of Labor. Every month the BLS produces data on unem- ployment and on other aspects of the labor market, such as types of employment...

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 ... variety of interesting problems for eco- nomic theory. Some of these problems were highlighted in our description of the theory of efficiency wages. These prob- lems, however, go beyond the...

Ngày tải lên: 15/12/2013, 11:15

... rate. S OURCE : U.S. Department of Treasury; U.S. Department of Labor. 632 PART TEN MONEY AND PRICES IN THE LONG RUN THE EFFECTS OF A MONETARY INJECTION Let’s now consider the effects of a change in ... quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services 636 PART TEN MONEY AND PRICES IN THE LONG RUN The price lev...

Ngày tải lên: 15/12/2013, 11:15

... 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 154 PART THREE ... 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 everyone in societ...

Ngày tải lên: 24/12/2013, 17:15

... THE COSTS OF TAXATION 167 Let’s consider first how the elasticity of supply affects the size of the dead- weight loss. In the top two panels of Figure 8-5 , the demand curve and the size of the tax ... 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 T...

Ngày tải lên: 24/12/2013, 17:15