ten principles of economics 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. ... the price of the good. This relationship between price and quantity supplied is called the law of supply: Other things equal, when the price of a good rises, the quantity supplied of the good...
Ngày tải lên: 15/12/2013, 11:15
Tài liệu Ten Principles of Economics - Part 9 pdf
... 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 ... 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 ... bagels and cream cheese are often eaten together, they are complements. a. We observe that both the equilibrium price of cream cheese and the equilibrium quantity of bagels have risen. What could...
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 ... 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 ... veil of ignorance would be to maximize the average utility of members of society, and the resulting notion of justice would be more utilitarian than Rawlsian. LIBERTARIANISM A third view of inequality...
Ngày tải lên: 18/10/2013, 00:15
Ten Principles of Economics - Part 47
... 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 ... 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 ... 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
... 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 ... 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 ... and pro-reform director of the Institute of Economic Problems of the Transitional Period. “Seven years ago to report an increase in the amount of production was to become a Hero of Socialist Labor,”...
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 ... incremental adjustments to a plan of action CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 7 thinking at the margin. Imagine that a plane is about to take off with ten empty seats, and a standby passenger ... individuals who make up the economy, we start our study of economics with four principles of in- dividual decisionmaking. PRINCIPLE #1: PEOPLE FACE TRADEOFFS The first lesson about making decisions is...
Ngày tải lên: 08/11/2013, 00:15
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