EconomicsAn introduction to issues, methods, and policy problems in economics. Part I discusses comparative economic systems. Part II deals with demand and supply, and applies the tools of price determination and elasticity to case studies. Part III presents foundations of supply and demand and consumer beha |
Contents
ECONOMICS AS A SOCIAL SCIENCE | 22 |
NATIONAL INCOME AND AGGREGATE Net Exports and Equilibrium National | 23 |
TESTING THEORIES | 30 |
Copyright | |
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allocation amount average cost average total cost behavior budget line called capital carrots change in price change in quantity Chapter consumers consumption cost curve crease demand curve discussed dollar duce earn economic economists effect efficient elasticity of demand employment entry equal equilibrium price example expenditure factors of production fall Figure firm's gasoline given growth households important increase indifference curve industry inputs investment isocost isoquant labor less level of output long-run mand marginal cost marginal product marginal revenue marginal utility market economies market price market structure maximize measure ment monopolist monopoly national income oligopoly opportunity cost percent percentage change perfect competition pollution profit-maximizing profits purchase quantity demanded quantity supplied ratio reduce rent control rise sell shift short-run shown shows sold substitution sumers supply curve surplus theory tion unit variable cost wage workers