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

Total consumer surplus is the area under the demand curve and above the price line. The area under the demand curve shows the to ...

Hours per Person The wage rate influences not only the number of people who want to work but also the number of hours that each ...

Figure 6-6 Resolving the Paradox of Value Predictions of the Theory Early economists and philosophers, struggling with the probl ...

choose to “spend” their higher wages on more leisure rather than just on more goods and services. The economy’s total supplies o ...

The market price of a product does not just reflect the total value that consumers place on that product; supply also matters. T ...

The Supply of Factors to a Particular Industry Industry Most factors have many uses. A given piece of land can be used to grow a ...

value placed on the last unit consumed is very low. However, remember that the total value placed on all units consumed is shown ...

changes in its price, is said to be immobile. It will be in inelastic supply in any one use because even a large increase in the ...

Summary ...

one crop can be harvested and a totally different crop can be planted. A farm on the outskirts of a growing city can be sold for ...

6.1 Marginal Utility and Consumer Choice LO 1, 2 Marginal utility theory distinguishes between the total utility from the consum ...

their labour services to an employer. When a worker who is employed by a firm producing men’s suits in Montreal decides instead ...

6.2 Income and Substitution Effects of Price Changes LO 3 A change in the price of a product generates both an income effect and ...

decisions about what they will do with their labour services, they will not always move to a different job just because they cou ...

6.3 Consumer Surplus LO 4, 5 For each unit of a product, consumer surplus is the difference between the maximum price consumers ...

The Supply of Factors to a Particular Firm Firm Most firms employ only a tiny proportion of the economy’s total supply of each f ...

Key Concepts Total utility and marginal utility Utility maximization Equality of MU/p across different products Slope of the dem ...

Figure 13-2 Demand and Supply Shifts in a Competitive Factor Market 13. 3 Factor Markets in Action Once you have mastered the ba ...

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

equilibrium is determined by and The equilibrium factor price is the equilibrium quantity of the factor is and total factor inco ...