Có 20+ tài liệu thuộc chủ đề "Lecture Microeconomics"
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G., (2015) Principles of Economics – 7 th edition, CENGAGE Learning.. THE COST OF PRODUCTION. PRINCIPLES OF ECONOMICS THINKING LIKE AN. What are the principles of how people make decisions and interact with another?. 1.1 PRINCIPLES OF ECONOMICS. To satisfy needs and wants, people have to consume products and services.. Inputs used to produce products and services to fulfill people‟s...
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The quantity demanded of any good is the amount of the good that buyers are willing and able to purchase.. Law of demand: the claim that the quantity demanded of a good falls when the price of the good rises if other things being equal. Quantity demanded Q D. A table that shows the relationship between the price of a...
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THE ELASTICITY OF DEMAND. THE ELASTICITY OF SUPPLY APPLICATIONS OF SUPPLY, DEMAND &. ELASTICITY OF SUPPLY AND DEMAND. Elasticity is a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants. PRICE ELASTICITY OF DEMAND. Price elasticity of demand measure how much Q D of a good respond to 1% change in...
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The control on prices enacted when policy- makers believe that the market price is unfair to buyers and sellers.. Price ceiling: a legal maximum on the price of a good or service. Price floor: a legal minimum on the price of a good or service. Effects on the market outcome?. Price Ceiling. A price ceiling is the maximum legal price...
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Flea’s WTP. Anthony’s WTP Chad’s WTP. John’s WTP. Flea’s CS . Fall in CS. Find marginal buyer’s WTP at Q = 10.. Chrissy’s cost. Janet’s cost Jack’s cost. the amount a seller is paid for a good minus the seller’s cost. PS = P – cost. PS = P – cost Suppose P = $25.. Jack’s PS = $15 Janet’s...
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COST OF PRODUCTION. Profit = Total revenue – Total cost. e.g., opportunity cost of the owner’s time or labor,. •Cost of Materials, Rent and Labour: $750,000. Quantity of output. Example 1: Farmer Jack’s Production Function. Diminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases. EXAMPLE 1: Farmer Jack’s Costs....
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7.2 PROFIT MAXIMIZATION AND THE COMPETITIVE’S FIRM SUPPLY CURVE. Many buyers and many sellers in the market. Firms can freely enter or exit the market.. There are many buyers and many sellers in the market - Each buyer and seller is a price taker. Firms can freely enter or exit the market. Fill in the empty spaces of the table.....
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Competitive firm. A competitive firm’s D curve. A monopoly’s revenue. Demand curve (P). Understanding the Monopolist’s MR. demand curve.. Demand curve:. MR= a – 2b*Q. Demand curve slope = -b. The Monopolist’s Profit. competitive firm, the monopolist’s profit equals:. competitive firm). Price Discrimination. Here, the monopolist. Perfect Price Discrimination
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MONOPOLISTIC COMPETITION. COMPARISON BETWEEN MONOPOLY AND MONOPOLISTIC COMPETITION. Monopolistic Competition. “Low Fare”. Competitive firm’s decision in Short and Long run. Characteristics of Monopolistic Competition
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What is the. What is meant by scarcity?. What is a. What is labor?. What is. What is capital?. What is economics?. The study of how. What is the purpose of an economic model?. ceteris paribus. ceteris paribus?. What is the difference between association. What is the economic problem?. What is entrepreneurship?. What is macroeconomics?. What is microeconomics?. What is...
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What is a. between two variables?. slope of a line?. The ratio of change in the. What is an inverse. relationship between two variables?. What is an independent relationship between. two variables?. Yes, the slope of a curve can vary along the curve. What is a direct relationship between two variables?. What is the slope of a line?. What is...
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Production Possibilities and Opportunity Cost. What is. opportunity cost?. What opportunity cost am I experiencing now?. Can opportunity cost be something other. opportunity cost. What is an example of marginal analysis?. What is a production possibilities curve?. What is technology?. Production Possibilities Curve Efficient. What is the conclusion of the production. possibilities curve?. economy to points on or below its...
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between the price of a good and the quantity buyers are willing to purchase in a. demand curve?. quantity demanded. Individual’s Demand Curve for Compact Discs. Demand Curve. BETWEEN A CHANGE IN THE QUANTITY. CHANGE IN DEMAND. The curve does not shift - there is a change in the quantity demanded. Fred’s Demand Curve. Mary’s Demand Curve. Market Demand Curve....
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Number of buyers in the market. Increase in Demand. Increase in Equilibrium. Increase in Quantity Supplied. What can cause a shift in a supply curve?. Number of sellers in the market. Increase in Supply. Increase in Quantity Demanded. from reaching the equilibrium price. What is a price ceiling?. What is the purpose of price ceilings on rent?. So needy people...
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Price Elasticity of Demand and Supply. price elasticity of demand for this rock concert. A term economists use to describe responsiveness, or sensitivity, to a change in price. elasticity of demand?. percentage change in the quantity demanded of a. product to a percentage change in its price. Price Elasticity of Demand. because tuition rises by 10%, what is the price...
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What is a basic assumption in. What is. What is normal profit?. What is a fixed input?. What is the short run?. What is the long run?. What is a. What is the. What is the law of diminishing returns?. What is total cost?. What is average variable cost?. average total cost?. Total cost divided by the. What is marginal...
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firms, the similarity of the products they sell, and the ease of entry and exit. control over the price of the product it sells. Why is this horizontal line the firm’s. If the firm charges more than this price, it will not sell anything, and it has no incentive to charge. Why does the firm have no incentive to charge...
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What is a monopoly?. What is a. the long-run average cost of production. What is unique about a natural monopoly?. firms in the industry. What is a price maker?. A firm that faces a downward-sloping demand curve. What is the difference between monopoly and. perfect competition?. The D and MR curves of the monopolist are downward sloping. What is unique...
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Monopolistic Competition and Oligopoly. What is. What is monopolistic competition?. market that each firm’s pricing decisions have a negligible effect on the. Why is a monopolistic competitive firm a. What does the demand curve for monopolistic. competitive firm and more elastic (flatter) than for a monopolist. monopolistic competition?. Somewhat effective in the short-run but less. effective in the long-run. It...
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The intersection of the demand for labor and the supply of labor. Quantity of Labor. What does the demand curve for labor show?. The different quantities of labor employers are willing to hire at. What is marginal revenue product?. additional unit of labor or other variable resource. Quantity of Labor Law of. What is the demand. curve for labor equal...