philip kotler and gary armstrong principles of marketing 14th edition ppt

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... points A and B in Figure 3-1: The farmer produces and con- sumes 2 pounds of potatoes and 1 pound of meat, while the rancher produces and consumes 2 1/2 pounds of potatoes and 20 pounds of meat. SPECIALIZATION ... pounds of meat in exchange for 1 pound of potatoes, I’ll have 21 pounds of meat and 3 pounds of potatoes. In the end, I will also get more of both foods than I have now. [She points out panel (b) of ... Association of American Anarchists commissions a study of crime in America and arrives at Figure 2A-7, which plots the number of violent crimes per thousand people in major cities against the number of...

Ngày tải lên: 15/12/2013, 11:15

... SUPPLY AND DEMAND I: HOW MARKETS WORK QUICK QUIZ: List the determinants of the quantity of pizza you demand. ◆ Make up an example of a demand schedule for pizza, and graph the implied demand curve. ... common? They all show the workings of supply and demand. Supply and demand are the two words that economists use most often and for good reason. Supply and demand are the forces that make market ... theory of supply and demand. It considers how buyers and sellers behave and how they interact with one another. It shows how THE MARKET FORCES OF SUPPLY AND DEMAND 65 CHAPTER 4 THE MARKET FORCES OF...

Ngày tải lên: 15/12/2013, 11:15

... low. The Cross-Price Elasticity of Demand Economists use the cross- price elasticity of demand to measure how the quantity demanded of one good changes as the price of another good changes. It is ... price elasticity of demand. ◆ Explain the relationship between total revenue and the price elasticity of demand. THE ELASTICITY OF SUPPLY When we discussed the determinants of supply in Chapter ... increase in the price of an ice-cream cone causes the amount of ice cream you buy to fall by 20 percent. We calculate your elasticity of demand as Price elasticity of demand ϭϭ2. In this example,...

Ngày tải lên: 15/12/2013, 11:15

... economy’s production of goods and services. Although some degree of unemployment is inevitable in a complex economy with thousands of firms and millions of workers, the amount of unemployment varies substantially ... chapters we have seen some of the forces that determine the level and growth of a country’s standard of living. A country that saves and in- vests a high fraction of its income, for instance, ... sup- plied and quantity demanded into balance. In an ideal labor market, wages would adjust to balance the quantity of labor supplied and the quantity of labor de- manded. This adjustment of wages...

Ngày tải lên: 15/12/2013, 11:15

... Island of Yap M ONEY ON THE I SLAND OF Y AP : N OT EXACTLY POCKET CHANGE CHAPTER 26 UNEMPLOYMENT AND ITS NATURAL RATE 603 1. The Bureau of Labor Statistics announced that in December 1998, of ... diagram of the labor market, show the effect of an increase in the minimum wage on the wage paid to workers, the number of workers supplied, the number of workers demanded, and the amount of unemployment. 7. ... it profitable to pay wages above the level that balances quantity of labor supplied and quantity of labor demanded. CONCLUSION In this chapter we discussed the measurement of unemployment and...

Ngày tải lên: 15/12/2013, 11:15

... as point A, the quantity of money demanded balances the quantity of money sup- plied. This equilibrium of money supply and money demand determines the value of money and the price level. Quantity ... Hungary, Germany, and Poland. Each graph shows the quantity of money in the economy and an index of the price level. The slope of the money line represents the rate at which the quantity of money ... natural resources, and techno- logical knowledge. None of these is altered by the injection of money. Thus, the greater demand for goods and services causes the prices of goods and services to increase....

Ngày tải lên: 15/12/2013, 11:15

... the equilibrium of sup- ply and demand maximizes the sum of consumer and producer surplus. In other words, the equilibrium outcome is an efficient allocation of resources. The job of the benevolent ... equi- librium of supply and demand. Recall that consumer surplus equals the area above the price and under the demand curve and producer surplus equals the area below the price and above the ... introduced the basic tools of welfare economics—consumer and pro- ducer surplus and used them to evaluate the efficiency of free markets. We showed that the forces of supply and demand allocate resources...

Ngày tải lên: 24/12/2013, 17:15

... supply -and- demand diagram with a tax on the sale of the good. Show the deadweight loss. Show the tax revenue. 3. How do the elasticities of supply and demand affect the deadweight loss of a tax? ... rubber bands. a. If this market has very elastic supply and very inelastic demand, how would the burden of a tax on rubber bands be shared between consumers and producers? Use the tools of consumer ... appear. For a tax on land not to distort economic incentives, it must be a tax on raw land. Yet the value of land often comes from improvements, such as clearing trees, providing sewers, and building...

Ngày tải lên: 24/12/2013, 17:15