This book is well known for its coverage of modern topics (Game theory, Economics of Information, and Behavioral Economics), clarity of its writing style and graphs, and integrated use of real world examples. The emphasis on relevance and application to both managerial and public-policy decision-making are focused goals of the book. This emphasis is accomplished by including MANY extended examples that cover such topics as the analysis of demand, cost, and market efficiency; the design of pricing strategies; investment and production decisions; and public policy analysis. Economists and strategists looking to stay current with economic information.
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The Basics of Supply and Demand
Consumer Behavior y
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allocation automobile budget line buyers capital cartel Chapter charge competitive market competitors consumer surplus consumption cost curve cost of production deadweight loss decisions demand curve earn economic effect efficient elasticity of demand emissions equal equation equilibrium example expected Figure firm firm's gasoline given income increase indifference curve industry interest rate investment isocost isoquant less level of output long-run lower marginal cost marginal cost curve marginal product marginal rate marginal revenue market basket market demand curve market price maximize measures million monopolist monopoly power monopsony outcome output level payoff matrix percent price and quantity price discrimination price elasticity producer surplus product of labor production function profit profit-maximizing purchase quantity demanded Quantity FlGURE result returns to scale risk sell sellers short-run shows strategy supply and demand supply curve Suppose units of clothing units of food utility wage rate workers zero
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