MicroeconomicsAn examination of microeconomic models in practical use Microeconomics explores the strengths and weaknesses of standard models of microeconomics and how they are actually used in policy. Chapters discuss the basics of microeconomics; foundations of supply and demand; market structure and policy; monopolistic competition; distribution of income; and the ways economic reasoning is applied to real-world policy. Sidebars reinforce the economic tools presented, while more then four hours of website-accessible video provide interactive exercises and animated tutorials. |
Contents
Economics and Economic Reasoning | 4 |
Economics in Perspective | 10 |
The Economic Organization of Society | 27 |
Copyright | |
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analysis average cost average total cost average variable cost Canada Canadian change in price change in quantity Chapter competitive firm competitors consider consumer surplus cost curve countries decisions decrease demand curve economic profit economies of scale economists effect efficient elasticity of demand equilibrium price example factors Figure firm's fixed cost global graph Herfindahl index incentive income increase indifference curve individuals industry inelastic inputs labour law of demand long-run marginal benefit marginal cost marginal cost curve marginal productivity marginal revenue marginal utility market structure maximize microeconomics monopolistic competition monopoly oligopoly opportunity cost P₁ percent percentage change perfectly competitive price and quantity price ceiling price elasticity problem production possibility curve profit-maximizing quantity demanded quantity supplied real-world sell shifts short run slope social society suppliers supply and demand supply curve tion total cost curve total revenue trade unit workers www.mcgrawhill.ca/college/colander zero