Microeconomics (Christopher T.S. Ragan) (z-lib.org)

result is an ATC curve that declines initially as output increases, reaches a minimum at 107 units, and then rises as output inc ...

may even contribute to some income-enhancing accumulation of human capital by some of our readers. Substantive Changes to This E ...

linked to the relationship between output and cost—the AVC and MC curves. Consider first the relationship between the AP and AVC ...

Part 1: What Is Economics? In Chapter 1 , we have added accelerating technological change and rising protectionism to the initia ...

amount of overhead (fixed factor) is spread over an increasing number of units of output. And the AVC curve is U-shaped for the ...

Part 2: An Introduction to Demand and Supply In Chapter 3 , we have rewritten the discussion of some of the shifters of demand c ...

Capacity The level of output that corresponds to the minimum short-run average total cost is often called the capacity of the fi ...

Many students wonder, however, if the same logic applies when firms are producing movies or computer software or smartphone apps ...

Part 3: Consumers and Producers In Chapter 6 , we have added a new box on rationality, nudges, and behavioural economics, follow ...

the first) costs the same low amount, then average variable costs are also constant and equal to marginal costs. In this case, h ...

Part 4: Market Structure and Efficiency In our examination of entry barriers in Chapter 10 , we have added a discussion of netwo ...

per unit would be required to cover all costs; in contrast, if 2.5 million units could be sold, any price above $3 per unit woul ...

Part 5: Factor Markets In our discussion of labour markets in Chapter 14 , we have clarified the explanation of how a monopsony ...

Figure 7-3 An Increase in Variable Factor Prices Shifts in Short-Run Cost Curves Remember that a firm’s short-run cost curves ar ...

Part 6: Government in the Market Economy In Chapter 16 , we have changed the way we explain and illustrate externalities. Rather ...

A change in the price of a variable factor shifts the average total cost curve and the marginal cost curve. The original average ...

Part 12: Canada in the Global Economy We address the gains from international trade in Chapter 32. We have clarified the discuss ...

in the size of the factory means that labour and other variable factors now have more (or better) physical capital with which to ...

To the Student Welcome to what is most likely your first book about economics! You are about to encounter what is for most peopl ...

Summary ...