Study Guide for Use with Microeconomics, Sixth Edition, [by] David ColanderAn 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. |
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antitrust average total cost BRAIN TEASER change in quantity chapter comparative advantage competitive firm consumer surplus cost curve cost of producing countries dead weight loss decrease demand and supply demand curve economic profit economists efficient elasticity of demand elasticity of supply equilibrium price equilibrium quantity fall firm's fixed costs graph Herfindahl index incentive income increase individuals industry inelastic demand input labor Lorenz curve marginal cost marginal cost curve marginal productivity marginal revenue marginal utility MATCHING THE TERMS maximizing MC ATC merger monopolist monopoly oligopoly opportunity cost output level P₁ percent percentage change POTENTIAL ESSAY QUESTIONS price and quantity price ceiling price elasticity price floor PROBLEMS AND APPLICATIONS producer surplus production possibility curve Q₁ Q₂ quantity demanded quantity supplied rise shift short-run slope suppliers supply and demand supply curve tariff tion total revenue utility per dollar wadgets wage welfare loss workers