Microeconomics |
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Markets In ordinary speech, the word market means a place where people buy
and sell goods such as fish, meat, fruits, and vegetables. In economics, market
has a more general meaning. A market is any arrangement that facilitates buying
...
Markets In ordinary speech, the word market means a place where people buy
and sell goods such as fish, meat, fruits, and vegetables. In economics, market
has a more general meaning. A market is any arrangement that facilitates buying
...
˹éÒ 78
Supply he quantity supplied of a good is the amount that producers plan to sell in
a given period of time at a particular price. The quantity supplied is not the
amount a firm would like to sell but the amount it definitely plans to sell. However,
the ...
Supply he quantity supplied of a good is the amount that producers plan to sell in
a given period of time at a particular price. The quantity supplied is not the
amount a firm would like to sell but the amount it definitely plans to sell. However,
the ...
˹éÒ 84
Consumers cannot force producers to sell more than they want to sell, so the
quantity sold is also 3 million tapes a week. What is the highest price that buyers
are willing to pay for the 3 millionth tape each week? The answer can be found
on ...
Consumers cannot force producers to sell more than they want to sell, so the
quantity sold is also 3 million tapes a week. What is the highest price that buyers
are willing to pay for the 3 millionth tape each week? The answer can be found
on ...
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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