ten principles of economics by gregory mankiw pdf
Tài liệu Ten Principles of Economics - Part 6 pdf
... opportunity cost of producing 1 pound of meat is 2 pounds of potatoes. Explain why the rancher’s opportunity cost of producing 1 pound of meat is 1/8 pound of potatoes. 2. Maria can read 20 pages of economics ... pound of potatoes costs the rancher 8 pounds of meat, 1 pound of meat costs the rancher 1/8 pound of potatoes. Similarly, because 1 pound of potatoes costs the farmer 1/2 pound of meat, 1 pound of ... The rancher buys 1 pound of potatoes for a price of 3 pounds of meat. This price of potatoes is lower than her opportunity cost of 1 pound of potatoes, which is 8 pounds of meat. Thus, the rancher...
Ngày tải lên: 15/12/2013, 11:15
Tài liệu Ten Principles of Economics - Part 8 pdf
... quantity of ice cream you are willing to produce and offer for sale? Here are some possible answers. Price The price of ice cream is one determinant of the quantity supplied. When the price of ice ... MARKET FORCES OF SUPPLY AND DEMAND 77 MARKET SUPPLY VERSUS INDIVIDUAL SUPPLY Just as market demand is the sum of the demands of all buyers, market supply is the sum of the supplies of all sellers. ... cream is profitable, and so the quantity supplied is large. As a seller of ice cream, you work long hours, buy many ice- cream machines, and hire many workers. By contrast, when the price of ice...
Ngày tải lên: 15/12/2013, 11:15
Tài liệu Ten Principles of Economics - Part 9 pdf
... dramatically alter the number of times they go to the doctor, although they might go somewhat less often. By contrast, when the price of sailboats rises, the quantity of sailboats demanded falls ... responsiveness of quantity demanded or quantity supplied to one of its determinants price elasticity of demand a measure of how much the quantity demanded of a good responds to a change in the price of that ... is temporarily high. How does this baby boom affect the price of baby-sitting services in 2010 and 2020? (Hint: 5-year-olds need baby-sitters, whereas 15-year-olds can be baby-sitters.) 7. Ketchup is a...
Ngày tải lên: 15/12/2013, 11:15
Ten Principles of Economics - Part 44
... amount of income— $100,000 in our example—were fixed. But, in fact, it is not. Utilitarians reject com- plete equalization of incomes because they accept one of the Ten Principles of Economics ... the richest 2.8 percent of the population. About four out of five of these millionaires made their money on their own, such as by start- ing and building a business or by climbing the corporate ... extent, the goal of utilitarians is to ap- ply the logic of individual decisionmaking to questions concerning morality and public policy. The starting point of utilitarianism is the notion of...
Ngày tải lên: 18/10/2013, 00:15
Ten Principles of Economics - Part 47
... living standard by cutting back on the luxury of meat and buying more of the staple food of potatoes. Thus, it is argued that a higher price of potatoes actually raised the quantity of potatoes demanded. Whether ... effect on labor supply of winning such a large prize is substantial. Similar results were found in a study, published in the May 1993 issue of the Quarterly Journal of Economics, of how receiving a ... of consumer choice does allow demand curves to slope upward. Yet such occurrences are so unusual that the law of demand is as reliable a law as any in economics. Quantity of Meat A Quantity of Potatoes 0 E C I 2 I 1 Initial...
Ngày tải lên: 24/10/2013, 18:15
Ten Principles of Economics - Part 49
... the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate ... Americans. 506 PART EIGHT THE DATA OF MACROECONOMICS CASE STUDY INTERNATIONAL DIFFERENCES IN GDP AND THE QUALITY OF LIFE One way to gauge the usefulness of GDP as a measure of economic well-being is to ... value of final goods. The reason is that the value of intermediate goods is already included in the prices of the final goods. Adding the market value of the paper to the market value of the...
Ngày tải lên: 29/10/2013, 01:15
Ten Principles of Economics - Part 50
... Some prices rise by more than others. Consumers respond to these differing price changes by buying less of the goods whose prices have risen by large amounts and by buying more of the goods whose ... a higher or lower standard of liv- ing than today’s players. MEASURING THE COST OF LIVING 508 PART EIGHT THE DATA OF MACROECONOMICS maternal mortality, higher rates of child malnutrition, and ... Bureau of Labor Statistics did revise the basket of goods B EHIND EVERY MACROECONOMIC STATISTIC are thousands of individual pieces of data on the economy. This article fol- lows some of the people...
Ngày tải lên: 29/10/2013, 01:15
Ten Principles of Economics - Part 1
... ideas. In the rest of this chapter, we look at Ten Principles of Economics. These principles recur throughout this book and are introduced here to give you an overview of what economics is all ... raise its profits by opportunity cost whatever must be given up to obtain some item marginal changes small incremental adjustments to a plan of action CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 7 thinking ... promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than...
Ngày tải lên: 08/11/2013, 00:15