MicroeconomicsAuthor Robert L. Sexton presents a largely geometric and verbal approach as he works to place the analysis of a particular economic concept into a broader framework. He uses a conceptual top-down approach to give students a strong intuitive understanding of modern economics. |
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actual additional adjust amount analysis assumption average cost behavior bread budget line bundle buyers capital Chapter combination commodity competition constant consumer consumption cost decline decrease demand curve depends desired determined economic effect elasticity elasticity of demand equal equilibrium example excess existing expected expenditures factor falls Figure firm fixed flow function given greater higher holdings household illustrated income increase indicates indifference curve individual industry input inventories labor lead less long-run lower marginal marginal utility market price maximization negative operate output particular period person plant positive possible pounds preferences price elasticity Problem production profits purchased quantity demanded reduce relationship relative represents requires result returns rise satisfaction scale schedule sell sellers shift short-run shows slope steak substitution supply supply curve surplus theory units variable various