Microeconomics (McGraw-Hill Economics)
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determine the income elasticity, we must first determine the percentage change in demand. We calculate the percentage demand to be 6ր[(20 ϩ 26)ր2] ϭ (6 ր23) ϫ 100 ϭ 26 percent. The percentage change in income is 20, so the income elasticity is 26ր20, or 1.3. In Figure 6-5(b), a 33 percent fall in the price of pork has caused the demand for beef to fall by 3.8 percent—from 108 to 104 at a price of P0. The cross-price elasticity of demand is 3.8ր33 ϭ 0.12. FIGURE 6-5 (A AND B) Calculating
higher price transfers 4 units of surplus from consumer to producer, calculated by determining the area of the rectangle (base ϫ height) created by the origin and output, 4, and 5 6 7 Quantity 8 9 10 Q-1 If price moves from disequilibrium to equilibrium, what happens to the combination of producer and consumer surplus in the market? Producer and Consumer Surplus coL21707_ch07_144-163.indd Page 146 05/09/12 1:54 AM user-f502 /203/MH01848/coL21707_disk1of1/0078021707/coL21707_pagefiles
Economics Is Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society. One of the key words in the definition of the term “economics” is coordination. Coordination can mean many things. In the study of economics, 1 This book is written by a person, not a machine. That means that I have my quirks, my odd sense of humor, and my biases. All textbook writers do. Most textbooks have the
will not maintain comparative advantages in sufficient industries to warrant the relative wage differentials that exist today. In that case, U.S. demand for foreign goods and services will be higher than foreign demand for U.S. goods and services. For the last 20 years that has been the case. To bring them into equilibrium, the U.S. wage premium will have to decline to regain our comparative advantages. Since nominal wages (the wages that you see in your paycheck) in the United States are
demand curve and the new supply curve. As price rises, quantity supplied is adjusted upward and quantity demanded is adjusted downward until quantity supplied equals quantity demanded where the new supply curve intersects the demand curve at point C, an equilibrium of seven and $5. Here is an exercise for you to try. Demonstrate graphically how the price of computers could have fallen dramatically in the past 10 years, even as demand increased. (Hint: Supply has increased even more, so even at