practical guide to contemporary economics

Yuri Yevdokimov Practical Guide To Contemporary Economics Download free books at Download free eBooks at bookboon.com 2 Yuri Yevdokimov Practical Guide To Contemporary Economics Download free eBooks at bookboon.com 3 Practical Guide To Contemporary Economics © 2012 Yuri Yevdokimov & bookboon.com ISBN 978-87-403-0238-7 Download free eBooks at bookboon.com Click on the ad to read more Practical Guide To Contemporary Economics 4 Contents Contents 1 e Issues and Methods of Economics 10 1.1 Economics as a science 10 1.2 Modeling in economics 11 1.3 Economic way of thinking 13 1.4 Production possibilities frontier (PPF) 14 1.5 PPF and opportunity costs 16 1.6 Economic eciency 17 1.7 Specialization, absolute and comparative advantage 18 2 Demand and Supply 21 2.1 Demand as a function 21 2.2 Individual demand versus market demand 24 2.3 Determinants of demand 25 2.4 Supply as a function 26 2.5 Individual supply and market supply 27 2.6 Determinants of supply 28 2.7 Market equilibrium 29 www.sylvania.com We do not reinvent the wheel we reinvent light. Fascinating lighting offers an infinite spectrum of possibilities: Innovative technologies and new markets provide both opportunities and challenges. An environment in which your expertise is in high demand. Enjoy the supportive working atmosphere within our global group and benefit from international career paths. Implement sustainable ideas in close cooperation with other specialists and contribute to influencing our future. Come and join us in reinventing light every day. Light is OSRAM Download free eBooks at bookboon.com Click on the ad to read more Practical Guide To Contemporary Economics 5 Contents 2.8 Price elasticity of demand 31 2.9 Total revenue and price elasticity of demand 37 2.10 Price elasticity of supply 37 2.11 Other types of elasticity 38 3 Consumer Choice and Demand 40 3.1 Consumption and rationality 40 3.2 Budget constraint and budget line 40 3.3 Utility 43 3.4 Maximizing total utility 45 3.5 Deriving the demand curve 47 3.6 Consumer surplus 49 4 Production and Costs 51 4.1 A rm in economics 51 4.2 Accounting versus economic costs and prots 52 4.3 e short-run and long-run 55 4.4 Short-run production 55 4.5 Short-run costs 59 4.6 Simple algebra of the short-run costs 62 4.7 Long-run production and costs 64 360° thinking . © Deloitte & Touche LLP and affiliated entities. Discover the truth at www.deloitte.ca/careers