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

Causes of Rising Income Inequality The causes of growing income inequality are actively debated among economists, as are the app ...

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

A further part of the argument that technological change is contributing to rising income inequality is that the same technologi ...

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

an important effect on the labour market. It reduces the demand for labour, puts downward pressure on domestic wages, and thus l ...

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

The “Gig” Economy North American firms are increasingly reducing their costs by changing the nature of the relationship they hav ...

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

For most of the twentieth century, “traditional” work involved individuals working for one employer at a time, sometimes for man ...

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

What Do the Data Say? A 2016 study by McKinsey & Company, an international consultancy, surveyed 8000 individuals in the Uni ...

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 ...

Primary Income Supplemental Income Source:Company, 2016. Independent Work: Choice, Necessity, and the Gig Economy, McKinsey & ...

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 ...

for whom to work, and when to do the work. These are the “free agents” and the “casual earners” in the table. This independence ...

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

engineers or IT technicians. No matter their income level, however, in most cases the workers receive a payment for services but ...

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

difficult for the benefit providers to monitor their level of work and effort, and thus to determine when they deserve to receiv ...

Summary ...