MicroeconomicsAddison-Wesley, 1994 - 655 ˹éÒ |
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... person has a comparative advantage in producing a good if that person can produce the good at a lower opportunity cost than anyone else . People can gain from trade if each specializes in the activity at which he or she has a ...
... person has a comparative advantage in producing a good if that person can produce the good at a lower opportunity cost than anyone else . People can gain from trade if each specializes in the activity at which he or she has a ...
˹éÒ 463
... person dis- likes risk - the more risk - averse the person is . You can see this fact best by considering an extreme case , that of risk neutrality . A risk - neutral person is one for whom risk is costless . Such a person cares only ...
... person dis- likes risk - the more risk - averse the person is . You can see this fact best by considering an extreme case , that of risk neutrality . A risk - neutral person is one for whom risk is costless . Such a person cares only ...
˹éÒ 508
... person and given to a poorer person , the mar- ginal utility lost by the rich person is less than the marginal utility gained by the poorer person . Thus taking from the rich and giving to the poor increases total utility . Maximum ...
... person and given to a poorer person , the mar- ginal utility lost by the rich person is less than the marginal utility gained by the poorer person . Thus taking from the rich and giving to the poor increases total utility . Maximum ...
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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