Microeconomics |
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Next, let's examine what happens when Lisa's income changes. A Change in
Income The effect of a change in income on consumption is called the income
effect. Let's work out the income effect by examining how consumption changes
when ...
Next, let's examine what happens when Lisa's income changes. A Change in
Income The effect of a change in income on consumption is called the income
effect. Let's work out the income effect by examining how consumption changes
when ...
˹éÒ 194
Movies $3 7 8 9 10 Movies (per month) (a) Price effect 110 o E Income $30
Movies $6 Income $21 Movies $3 7 8 9 10 Movies (per month) (b) Substitution
effect Movies (per month) (c) Income effect The price effect can be separated into
a ...
Movies $3 7 8 9 10 Movies (per month) (a) Price effect 110 o E Income $30
Movies $6 Income $21 Movies $3 7 8 9 10 Movies (per month) (b) Substitution
effect Movies (per month) (c) Income effect The price effect can be separated into
a ...
˹éÒ 195
It looks at the income effect. The substitution effect always works in the same
direction — the consumer slides along an indifference curve, buying more of the
good whose price has fallen. The direction of the income effect depends on
whether ...
It looks at the income effect. The substitution effect always works in the same
direction — the consumer slides along an indifference curve, buying more of the
good whose price has fallen. The direction of the income effect depends on
whether ...
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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