Microeconomics |
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TABLE 7.4 How a Change in the Price of Movies Affects Lisa's Choices FIGURE
7.5 A Fall in the Price of Movies illustrates these effects. In part (a), a fall in the
price of movies produces a movement along Lisa's demand curve for movies,
and ...
TABLE 7.4 How a Change in the Price of Movies Affects Lisa's Choices FIGURE
7.5 A Fall in the Price of Movies illustrates these effects. In part (a), a fall in the
price of movies produces a movement along Lisa's demand curve for movies,
and ...
˹éÒ 183
Consumption Possibilities Nothing has happened to income (y) or the price of
soda (P ). Lisa's real income in terms of soda remains 10. But the price of movies
has fallen and is now equal to the price of soda. Therefore the relative price of ...
Consumption Possibilities Nothing has happened to income (y) or the price of
soda (P ). Lisa's real income in terms of soda remains 10. But the price of movies
has fallen and is now equal to the price of soda. Therefore the relative price of ...
˹éÒ 192
The Demand Curve This analysis of the effect of a change in the price of movies
enables us to derive Lisa's demand curve for movies. Recall that the demand
curve graphs the relationship between the quantity demanded of a good and its ...
The Demand Curve This analysis of the effect of a change in the price of movies
enables us to derive Lisa's demand curve for movies. Recall that the demand
curve graphs the relationship between the quantity demanded of a good and its ...
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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