Microeconomics

amount average benefit budget calculate called capital cars CHAPTER choices cloth competitive constant consumer consumption corn cost curve decreases demand curve depends determined dollars earnings economic effect efficient elasticity elasticity of demand equal equilibrium example expected Explain factor falls Figure firm firm's fixed future given graph higher hour household illustrates important income increases individual industry input interest labor less long-run look loss lower machines marginal cost marginal product marginal revenue marginal utility measured million monopoly month opportunity cost output percent percentage person plant possible preferences problem profit quantity demanded relationship rent result rises scale sell shifts short-run shown shows slope soda sold substitution supply curve sweaters tapes theory things tion units utility variable wage wage rate wealth week workers