Marginal utility
... Sociologists and anthropologists have argued that social factors such as culture, customs, and religion are very important in explaining the choices consumers make. Economists have traditionally seen such factors as being relatively unimportant, if they take them into consideration at all. ...
... Sociologists and anthropologists have argued that social factors such as culture, customs, and religion are very important in explaining the choices consumers make. Economists have traditionally seen such factors as being relatively unimportant, if they take them into consideration at all. ...
Supply
... • A fixed cost is a cost that does not change, regardless of how much of a good is produced. Examples: rent and salaries • Variable costs are costs that rise or fall depending on how much is produced. Examples: costs of raw materials, some labor costs. • The total cost equals fixed costs plus variab ...
... • A fixed cost is a cost that does not change, regardless of how much of a good is produced. Examples: rent and salaries • Variable costs are costs that rise or fall depending on how much is produced. Examples: costs of raw materials, some labor costs. • The total cost equals fixed costs plus variab ...
Chapter 3
... Next is the task of representing the preferences of the consumer. It is assumed that 1. consumers can decide between alternative market baskets with even very small changes in composition (completeness). 2. if a consumer prefers A over B and B over C, he also will prefer A over C (transitivity). 3. ...
... Next is the task of representing the preferences of the consumer. It is assumed that 1. consumers can decide between alternative market baskets with even very small changes in composition (completeness). 2. if a consumer prefers A over B and B over C, he also will prefer A over C (transitivity). 3. ...
Homeworkmicropart1
... Which of the following are characteristics of a typical isoquant? a. All input combinations on the isoquant will produce the same level of output. b. The marginal rate of technical substitution decreases as more labor is substituted for less capital. c. A change in input prices shifts the isoquant m ...
... Which of the following are characteristics of a typical isoquant? a. All input combinations on the isoquant will produce the same level of output. b. The marginal rate of technical substitution decreases as more labor is substituted for less capital. c. A change in input prices shifts the isoquant m ...
First Pages - Yale Economics
... whereas legitimacy at that time was usually based on tradition, the divine right of kings, or religious doctrines. Today, many political thinkers defend their legislative proposals with utilitarian notions of what will make the largest number of people best off. The next step in the development of u ...
... whereas legitimacy at that time was usually based on tradition, the divine right of kings, or religious doctrines. Today, many political thinkers defend their legislative proposals with utilitarian notions of what will make the largest number of people best off. The next step in the development of u ...
