Principles of Microeconomics
Bring the study of economics to life with Principles of Microeconomics, 5th edition. Award-winning educator and author Fred Gottheil speaks directly to student experience through a conversational writing style and narrative that uses stories, familiar examples, engaging scenarios, and relevant examples from literature emphasizing that economic principles can be found in all aspects of modern life. The text focuses on the key questions and presents the basic concepts'developing economic analysis step-by-step. The result is a more interactive and enjoyable learning experience when compared to the pedantic approaches often found in texts. Each chapter in the fifth edition has been thoroughly revised to reflect the most relevant data and also emerging and critical issues such as the issues of Iraq, terrorism, Katrina, China, and more. We invite you to see for yourself how Fred Gottheil's approach will help to shorten the distance between students and the exciting study of economics.
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THE BASICS OF ECONOMIC ANALYSIS
What Do Economists Know?
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amusement average total cost boat bushel capital change in quantity consumer surplus consumption corn corporate cost curves create cross elasticities Crusoe decrease demand and supply demand curve dollar economic proﬁt economists elasticity of demand entrepreneurs equilibrium price example exchange rate exports farm farmers ﬁnd ﬁrm's ﬁrms ﬁrst ﬁsh ﬁshermen ﬁshing ﬁxed GOTTHEIL graph hire horizontal income increases indifference curve industry labor less loanable funds long-run marginal cost marginal revenue marginal utility market price market share market structure maximize merger million miners monopolistic competition monopoly oligopoly opportunity cost panel percent perfect competition price ceiling price changes price elasticity produce production possibilities curve quantity demanded quantity supplied reﬂects Rudd sell shift short-run sloping substitutes suppliers supply curve Suppose table in Exhibit tons total utility trade U.S. dollars union United variable cost wage rate workers yaps