Microeconomics |
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What is the highest price that buyers are willing to pay for the 3 millionth tape
each week? The answer can be found on the demand curve in Fig. 4.7 — it is $4
a tape. If the price remains at $2 a tape, the quantity of tapes demanded is 6
million ...
What is the highest price that buyers are willing to pay for the 3 millionth tape
each week? The answer can be found on the demand curve in Fig. 4.7 — it is $4
a tape. If the price remains at $2 a tape, the quantity of tapes demanded is 6
million ...
˹éÒ 143
Penalties on Buyers When buyers of illegal goods are penalized, the goods have
less value to buyers. The cost of breaking the law must be subtracted from the
value of the good to determine the maximum price that buyers are willing to pay.
Penalties on Buyers When buyers of illegal goods are penalized, the goods have
less value to buyers. The cost of breaking the law must be subtracted from the
value of the good to determine the maximum price that buyers are willing to pay.
˹éÒ 472
Buyers of used cars can't tell whether they are buying a lemon until after they
have bought the car and learned as much about it as its current owner knows.
There are no dealer warranties. The first thing to notice is that because buyers
can't ...
Buyers of used cars can't tell whether they are buying a lemon until after they
have bought the car and learned as much about it as its current owner knows.
There are no dealer warranties. The first thing to notice is that because buyers
can't ...
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allocative amount average total cost benefit budget line buyers calculate capital cars change in price Chapter choices competitive consumer surplus consumption cost curve curve shifts decreases demand and supply demand curve economic economists elasticity of demand equal equilibrium example factors of production falls Figure firm's firms graph higher hour household income effect increases indifference curve industry inelastic input interest rate isocost labor Lisa Lisa's long-run lower marginal cost marginal product marginal rate marginal revenue marginal revenue product marker pens million tapes monopoly movies and soda oligopoly opportunity cost output percent perfect competition price of movies production possibility frontier profit quantity bought quantity demanded quantity supplied rate of substitution relationship rent rises sell short-run shown in Fig shows six-packs slope sold supply curve Swanky tapes a week tion total revenue total utility United utility per dollar wage rate wealth workers zero