Microeconomics (with Videos: Office Hours Printed Access Card)
Language: English
Pages: 560
ISBN: 1133189709
Format: PDF / Kindle (mobi) / ePub
Any suggestions for copywriter or provide generic description of the product to be used for the Internet or non-channel specific applications. NOTE: If you have a book only version for this product, it is imperative that you provide a description that does not include any references to package elements. Ever wonder why you have the number of friends that you do?…If a tax on soda would really reduce obesity?…What is going on with the financial problems in Greece?…or whether a tax rebate is better than a tax bonus? MICROECONOMICS answers these questions and many more. Using intriguing pop culture examples, the Eleventh Edition is revised to include the most comprehensive coverage of the financial and economic crisis available in a principles of Microeconomics text. Self-tests help determine how well you're grasping the concepts, and CourseMate for Microeconomics offers a graphing tutorial, quizzes, videos and more. It's all carefully designed to help you get the best Microeconomics grade possible! Building on the Video Office Hours lectures developed by the author for the Tenth edition, the Eleventh edition features two entirely new video types - Video Questions and Problems and Working with Diagrams. Video Questions and Problems videos walk you through a worked problem, similar to those found at the end of each chapter, providing an ideal study tool for reference as you do homework. Working with Diagrams videos demonstrate key concepts in short (averaging 3-5 minutes) video pieces that can be played and replayed to see how the graphs and other diagrams are built.
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Fixed). Production is a transformation of resources or inputs into goods and services. You may think of production as you might think of making a cake. It takes certain ingredients to make a cake—sugar, flour, and so on. Similarly, it takes certain resources, or inputs, to produce a computer, a haircut, a piece of furniture, or a house. Economists often talk about two types of inputs in the production process: fixed and variable. A fixed input is an input whose quantity cannot be changed as.
Direct relationship: as one variable (say, income) rises, the other variable (consumption) rises too. The variables income and consumption are directly related. Consumption ($) A picture is worth a thousand words. With this familiar saying in mind, economists construct their diagrams or graphs. With a few lines and a few points, much can be conveyed. 360 F 300 E 240 D 180 C 120 60 B A 0 100 200 300 400 500 Income ($) Directly Related Two variables are directly related if they change.
Majors take between 12 and 15 economics courses. One of the attractive things about studying economics is that you will acquire many of the skills employers highly value. First, you will have the quantitative skills that are important in many business and government positions. Second, you will acquire the writing skills necessary in almost all lines of work. Third, and perhaps most importantly, you will develop the thinking skills that almost all employers agree are critical to success. A study.
Possibilities frontier. In this case, the production possibilities frontier is bowed outward (concave downward) because the opportunity cost of television sets increases as more sets are produced. Bowed-outward PPF ϭ Increasing opportunity costs To illustrate, let’s start at point A, where the economy is producing 50,000 computers and 0 television sets, and move to point B, where the economy is producing 40,000 computers and 20,000 television sets. What is the opportunity cost of a television.