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Tài liệu Ten Principles of Economics - Part 12 docx

Tài liệu Ten Principles of Economics - Part 12 docx

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... legion of wealthy moviestars, doctors, and stock brokers payinga pittance for palatial dwellings in themore fashionable neighborhoods of Manhattan.Some of these tales were knockedoff the ... Run(supply and demand are elastic)Quantity of Apartments0SupplyControlled rentShortageRentalPrice of Apartment0RentalPrice of ApartmentQuantity of ApartmentsDemandSupplyControlled rentShortageDemandFigure ... Not Binding$43Quantity of Ice-CreamCones0Price of Ice-CreamCone100Equilibriumquantity(b) A Price Ceiling That Is Binding$3Quantity of Ice-CreamCones0Price of Ice-CreamCone2PriceceilingDemandSupplyPriceceilingShortage75Quantitysupplied125QuantitydemandedEquilibriumpriceEquilibriumpriceDemandSupplyFigure...
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Tài liệu Ten Principles of Economics - Part 13 doc

Tài liệu Ten Principles of Economics - Part 13 doc

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... dropped out of school and who nowbecome unemployed.The minimum wage is a frequent topic of political debate. Advocates of theminimum wage view the policy as one way to raise the income of the workingpoor. ... requiring sellers of ice-cream cones to send $0.50 to the governmentfor each cone they sell. What are the effects of this law?In this case, the initial impact of the tax is on the supply of ice cream. ... downward), as shown in Figure 6-6.tax incidencethe study of who bears the burden of taxation$3.303.002.80Quantity of Ice-Cream Cones0Price of Ice-CreamConePricewithouttaxPricesellersreceive10090Equilibriumwith...
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Tài liệu Ten Principles of Economics - Part 54 docx

Tài liệu Ten Principles of Economics - Part 54 docx

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... to the profits that the firm makes. For example,if Intel sells a total of 1,000,000 shares of stock, then each share represents owner-ship of 1/1,000,000 of the business.The sale of stock ... stock is a part owner of Intel; the owner of an Intelbond is a creditor of the corporation. If Intel is very profitable, the stockholders en-joy the benefits of these profits, whereas the bondholders ... a percentage of the stock’s price.◆ Price-earnings ratio. A corporation’s earnings, or profit,is the amount of revenue it receives for the sale of itsproducts minus its costs of production...
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Tài liệu Ten Principles of Economics - Part 55 docx

Tài liệu Ten Principles of Economics - Part 55 docx

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... price of milk adjusts so that the quantity of milk supplied balancesthe quantity of milk demanded. In this way, the invisible hand coordinates the be-havior of dairy farmers and the behavior of ... behavior of people who want to save (the sup-pliers of loanable funds) and the behavior of people who want to invest (the de-manders of loanable funds).We can now use this analysis of the market ... U.S. policymakers view the lowlevel of U.S. saving as a major problem. One of the Ten Principles of Economics inChapter 1 is that a country’s standard of living depends on its ability to producegoods...
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Tài liệu Ten Principles of Economics - Part 58 doc

Tài liệu Ten Principles of Economics - Part 58 doc

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... percent of nonunionworkers, said Barry Bluestone, a labor-friendly economics professor at the Uni-versity of Massachusetts.The conclusion draws no argumenteven from Prof. Leo Troy of Rutgers ... sides of the debate.Critics of unions argue that unions are merely a type of cartel. When unionsraise wages above the level that would prevail in competitive markets, they reducethe quantity of ... percent of his or her former wages for 26 weeks.While unemployment insurance reduces the hardship of unemployment, italso increases the amount of unemployment. The explanation is based on one of the...
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Tài liệu Ten Principles of Economics - Part 60 doc

Tài liệu Ten Principles of Economics - Part 60 doc

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... canprofoundly affect the economy. One of the Ten Principles of Economics in Chapter 1is that prices rise when the government prints too much money. Another of theTen Principles of Economics is that society ... bank has two kinds of assets: It has$10 of reserves in its vault, and it has loans of $90. (These loans are liabilities of thepeople taking out the loans but they are assets of the bank making ... of money, it also creates a corresponding liability for its borrowers. At the end of this process of money creation, the economy is more liquid in the sense thatthere is more of the medium of...
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Tài liệu Ten Principles of Economics - Part 19 docx

Tài liệu Ten Principles of Economics - Part 19 docx

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... deadweight loss of the tariff is the sum of these two triangles.THE EFFECTS OF AN IMPORT QUOTAThe Isolandian economists next consider the effects of an import quota—a limit onthe quantity of imports. ... price. A tariff raises the price of imported steel above theworld price by the amount of the tariff. Domestic suppliers of steel, who competewith suppliers of imported steel, can now sell their ... world price, domestic sellers are better off, and do-mestic buyers are worse off. In addition, the license holders are better off becausethey make a profit from buying at the world price and...
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Tài liệu Ten Principles of Economics - Part 21 doc

Tài liệu Ten Principles of Economics - Part 21 doc

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... market can often solve the problem of externalities by relying onthe self-interest of the relevant parties. Sometimes the solution takes the form of in-tegrating different types of business. ... pollution to 300 tons of glop per year.◆ Pigovian tax: The EPA could levy a tax on each factory of $50,000 for each ton of glop it emits.The regulation would dictate a level of pollution, whereas ... problem of too few treesand too few bees. The contract can specify the number of trees, the number of bees,and perhaps a payment from one party to the other. By setting the right number of trees...
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Tài liệu Ten Principles of Economics - Part 72 docx

Tài liệu Ten Principles of Economics - Part 72 docx

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... to hold money instead of other assetsthat offer higher rates of return because money can be used to buy goods and ser-vices.Although many factors determine the quantity of money demanded, the ... tightening of monetary policy risks pushing the economy into a recession, which reducesprofits. As a result, stock prices often fall when the Fed raises interest rates. CHAPTER 32 THE INFLUENCE OF ... curve, the theory of liquidity preference expands ourunderstanding of short-run economic fluctuations.THE THEORY OF LIQUIDITY PREFERENCEIn his classic book, The General Theory of Employment,...
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Tài liệu Ten Principles of Economics - Part 25 docx

Tài liệu Ten Principles of Economics - Part 25 docx

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... REGRESSIVE TAX PROGRESSIVE TAXAMOUNT PERCENT AMOUNT PERCENT AMOUNT PERCENTINCOME OF TAX OF INCOME OF TAX OF INCOME OF TAX OF INCOME$ 50,000 $12,500 25% $15,000 30% $10,000 20%100,000 25,000 25 25,000 ... into five groups of equal size, called quintiles. The second column of the table shows the average income of each group. The poorest one-fifth of fam-ilies had average income of $9,880; the richest ... professors each earning $50,000 ayear. Before getting married, they each pay a tax of $10,000 (25 percent of $40,000), or a total of $20,000. After getting married, they have a total income of $100,000,...
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Tài liệu Ten Principles of Economics - Part 27 doc

Tài liệu Ten Principles of Economics - Part 27 doc

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... number of workersincreases, which reflectsdiminishing marginal product.Table 13-1OUTPUT (QUANTITY OF MARGINAL TOTAL COST OF INPUTSNUMBER OF COOKIES PRODUCED PRODUCT COST OF COST OF (COST OF ... graph of these two columns of numbers. The number of workers is on the horizontal axis,and the number of cookies produced is on the vertical axis. This relationship be-tween the quantity of inputs ... product of a worker. Themarginal product of any input in the production process is the increase in thequantity of output obtained from an additional unit of that input. When the num-ber of workers...
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Tài liệu Ten Principles of Economics - Part 28 doc

Tài liệu Ten Principles of Economics - Part 28 doc

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... economies of scale at low levels of output, constant returns to scale at intermediate levels of output, and diseconomies of scale at high levels of output.What might cause economies or diseconomies of ... run, _______includes the cost of cream and sugar, but not thecost of the factory.e. Profits equal total revenue less _______.f. The cost of producing an extra unit of output is_______.2. Your ... alarge number of workers andproduces a large quantity of output.In his celebrated book, An Inquiry into the Nature andCauses of the Wealth of Nations, Adam Smith described anexample of this based...
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Tài liệu Ten Principles of Economics - Part 29 doc

Tài liệu Ten Principles of Economics - Part 29 doc

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... produces 2 gallons, it has a profit of $4,and so on. To maximize profit, the Smith Farm chooses the quantity that makesprofit as large as possible. In this example, profit is maximized when the ... temporary shutdown of a firm and thepermanent exit of a firm from the market. Ashutdown refers to a short-run decisionnot to produce anything during a specific period of time because of current mar-ket ... and total cost.The first gallon of milk the farm produces has a marginal revenue of $6 and a mar-ginal cost of $2; hence, producing that gallon increases profit by $4 (from Ϫ$3 to$1). The...
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