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

2.2 Building and Testing Economic Theories LO 2, 3 Theories (sometimes called models) are designed to explain and predict what w ...

Figure 9-11 Short-Run Versus Long-Run Profit Maximization for a Competitive Firm 3. Existing firms must not be earning profits. ...

2.3 Economic Data LO 4 Index numbers express economic series in relative form. Values in each period are expressed in relation t ...

A competitive firm that is not at the minimum point on its LRAC curve is not maximizing its long-run profits. A competitive firm ...

2.4 Graphing Economic Theories LO 5 A functional relation can be expressed in words, in a table giving specific values, in a mat ...

Figure 9-12 A Typical Competitive Firm When the Industry Is in Long- Run Equilibrium industry is in long-run equilibrium. Becaus ...

Key Concepts Positive and normative statements Theories and models Variables, assumptions, and predictions Correlation versus ca ...

Changes in Technology Our discussion of firms’ long-run decisions has assumed that all firms in the industry have the same techn ...

Study Exercises MyLab Economics Make the grade with MyLab Economics™: All Study Exercises can be found on MyLab Economics™. You ...

Figure 9-13 Plants of Different Vintages in an Industry with Continuous Technological Progress What happens in a competitive ind ...

Fill-in-the-Blank 1. Fill in the blanks to make the following statements correct. a. Economists have designed to better explain ...

Industries subject to continuous technological change have three common characteristics. The first is that plants of different a ...

b. To construct an index number for computer prices over time, we divide the in the given period by the the base period and mult ...

In industries with continuous technological improvement, low-cost plants will exist side by side with older high-cost plants. Th ...

or maximum is , meaning that the marginal response to a change in the independent variable is. ...

Declining Industries What happens when a competitive industry in long-run equilibrium experiences a continual decrease in the de ...

Review 4. Determine whether each of the following statements is positive or normative. a. The government should impose stricter ...

age of equipment in use rises steadily. The untrained observer, seeing the industry’s plight, is likely to blame it on the old e ...

Suppose that an examination of data reveals a positive correlation between the demand for new homes and the price of lumber. Wh ...

Summary ...