MicroeconomicsAddison-Wesley, 1994 - 655 ˹éÒ |
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˹éÒ 197
... higher income , and with a higher income , we consume more of all normal goods . Leisure is a normal good . Other things being equal , the higher the income , the more leisure we take . In Reading Between the Lines , pp . 198-199 ...
... higher income , and with a higher income , we consume more of all normal goods . Leisure is a normal good . Other things being equal , the higher the income , the more leisure we take . In Reading Between the Lines , pp . 198-199 ...
˹éÒ 410
... higher than that of unskilled labor . There are two reasons why this occurs : first , skilled labor has a higher marginal revenue product than unskilled labor , so at a given wage rate the demand for skilled labor is greater than the ...
... higher than that of unskilled labor . There are two reasons why this occurs : first , skilled labor has a higher marginal revenue product than unskilled labor , so at a given wage rate the demand for skilled labor is greater than the ...
˹éÒ 438
... higher interest rate increases the future payoff from today's saving . It therefore increases the opportunity cost of current consump- tion . Thus a higher interest rate encourages people to economize on current consumption and take ...
... higher interest rate increases the future payoff from today's saving . It therefore increases the opportunity cost of current consump- tion . Thus a higher interest rate encourages people to economize on current consumption and take ...
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amount average benefit budget calculate called capital cars CHAPTER choices cloth competitive consumer consumption corn cost curve countries decreases demand curve depends determined dollars economic effect elasticity elasticity of demand equal equilibrium example expected Explain factor falls Figure firms future given graph higher hour household illustrates important income increases individual industry input interest labor less long-run look loss lower marginal cost marginal revenue marginal utility measured million monopoly month opportunity cost output percent percentage person possible preferences problem production profit quantity demanded questions regulation relationship rent result rises scale sell shifts short-run shown shows slope soda sold substitution supply curve sweaters tapes theory things tion total cost trade units utility variable wage wage rate wealth week workers