Formulář inovovaného předmětu
... • cost conditions (increasing returns to scale): - Company whose MC and AC are constantly decreasing. With the growth of the output volume are AC declining - therefore economies of scale are realized. It pays to increase the volume until the intersection with the sector demand curve the whole demand ...
... • cost conditions (increasing returns to scale): - Company whose MC and AC are constantly decreasing. With the growth of the output volume are AC declining - therefore economies of scale are realized. It pays to increase the volume until the intersection with the sector demand curve the whole demand ...
Economics, by R. Glenn Hubbard and Anthony Patrick O`Brien
... Allocative Efficiency Allocative efficiency A state of the economy in which production reflects consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it. ...
... Allocative Efficiency Allocative efficiency A state of the economy in which production reflects consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it. ...
Monopoly
... could increase total surplus with a larger Q. – Thus, monopoly results in a deadweight loss. ...
... could increase total surplus with a larger Q. – Thus, monopoly results in a deadweight loss. ...
mcq2
... 17. Along the same indifference curve, MRS is a) constant as more of one good is obtained. b) increasing as more of one good is obtained. c) decreasing as more of one good is obtained. d) varying irregularly as more of one good is obtained. ...
... 17. Along the same indifference curve, MRS is a) constant as more of one good is obtained. b) increasing as more of one good is obtained. c) decreasing as more of one good is obtained. d) varying irregularly as more of one good is obtained. ...
Joffe - Post Keynesian Study Group
... • each run represents a different scenario: – baseline run, before productivity is altered (black line): everything is stable – all lines are horizontal – innovation in a pre-capitalist economy, with no capacity to reduce costs (blue line): like the baseline, except for the initial Effect on unit co ...
... • each run represents a different scenario: – baseline run, before productivity is altered (black line): everything is stable – all lines are horizontal – innovation in a pre-capitalist economy, with no capacity to reduce costs (blue line): like the baseline, except for the initial Effect on unit co ...
Micro_Ch06-10e
... inefficient underproduction of housing services. The marginal social benefit from housing services exceeds its marginal social cost and a deadweight loss arises. ...
... inefficient underproduction of housing services. The marginal social benefit from housing services exceeds its marginal social cost and a deadweight loss arises. ...
LECTURE SESSION 2
... – Second, let me examine the term factory. • A factory is the building and equipment (the physical capital) at a particular location used for the production of goods and services. • A factory, also termed plant, is the capital, the physical presence, used by a firm for actual production. ...
... – Second, let me examine the term factory. • A factory is the building and equipment (the physical capital) at a particular location used for the production of goods and services. • A factory, also termed plant, is the capital, the physical presence, used by a firm for actual production. ...
Elasticity2
... • Goods that cost very little relative to your total expenditures are not worth spending a lot of time figuring out if there is a good substitute. • It is worth spending a lot of time looking for substitutes for goods that take a large portion of one’s income. ...
... • Goods that cost very little relative to your total expenditures are not worth spending a lot of time figuring out if there is a good substitute. • It is worth spending a lot of time looking for substitutes for goods that take a large portion of one’s income. ...
Sources of Shift in Demand Curves
... Suppliers cannot sell all they wish, so they the cut price. • Quantity demanded increases along the demand curve to point E0. • Quantity supplied decreases along the supply curve to point E0. ...
... Suppliers cannot sell all they wish, so they the cut price. • Quantity demanded increases along the demand curve to point E0. • Quantity supplied decreases along the supply curve to point E0. ...
Introduction to - John Birchall
... distribution and is chiefly interested in the determination of relative prices of goods and services. Macroeconomics concerns itself with large aggregates, particularly for the economy as a whole. It deals with factors such as the determination of output and employment, the general price level, spen ...
... distribution and is chiefly interested in the determination of relative prices of goods and services. Macroeconomics concerns itself with large aggregates, particularly for the economy as a whole. It deals with factors such as the determination of output and employment, the general price level, spen ...
File - MCNEIL ECONOMICS
... 4. The purely competitive firm operating in the short run is a price taker that can maximize profits (or minimize losses) only by changing its level of output. The marginal revenue–marginal cost approach to profit maximization basically sets the level of output at the quantity where marginal revenue ...
... 4. The purely competitive firm operating in the short run is a price taker that can maximize profits (or minimize losses) only by changing its level of output. The marginal revenue–marginal cost approach to profit maximization basically sets the level of output at the quantity where marginal revenue ...
Document
... geographic area within which buyers and sellers are located. The buyers can be spread around the globe, or they can be a national, regional, or local group. The same is true of sellers. The geographic definition we choose depends on the specific question we are trying to answer. ...
... geographic area within which buyers and sellers are located. The buyers can be spread around the globe, or they can be a national, regional, or local group. The same is true of sellers. The geographic definition we choose depends on the specific question we are trying to answer. ...
Externality
In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of an individual who chooses to fire-proof his home may benefit from a reduced risk of a fire spreading to their own houses. If external costs exist, such as pollution, the producer may choose to produce more of the product than would be produced if the producer were required to pay all associated environmental costs. Because responsibility or consequence for self-directed action lies partly outside the self, an element of externalization is involved. If there are external benefits, such as in public safety, less of the good may be produced than would be the case if the producer were to receive payment for the external benefits to others. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved. Thus, unregulated markets in goods or services with significant externalities generate prices that do not reflect the full social cost or benefit of their transactions; such markets are therefore inefficient.