- 6A.3 The Consumer’s Utility-Maximizing Choices
a. The Consumer’s Response to a Change in Income
b. The Consumer’s Response to a Change in Price - 6A.4 Deriving the Consumer’s Demand Curve
a. Income and Substitution Effects - Study Exercises
- 7 Producers in the Short Run
A. Chapter Outline
B. Learning Objectives (LO)
C. 7.1 What Are Firms? - Organization of Firms
- Financing of Firms
a. Equity
b. Debt - Goals of Firms
D. 7.2 Production, Costs, and Profits - Production
- Costs and Profits
a. Economic Versus Accounting Profits
a. Opportunity Cost of Time
b. Opportunity Cost of Financial Capital
b. Profits and Resource Allocation - Profit-Maximizing Output
- Time Horizons for Decision Making
a. The Short Run
b. The Long Run
c. The Very Long Run
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(Sean Pound)
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