Summary: Economics, Global Edition | 9781292079219 | Daron Acemoglu, et al
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Read the summary and the most important questions on Economics, Global Edition | 9781292079219 | Daron Acemoglu; David Laibson; John List
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4 Demand, Suppy, Equilibirum
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What are the 5 Major factors why the Demand Curve might shift?
1) Tastes and Preferences
2) Income and Wealth
3) Availability and Prices of Related Goods
4) Number and Scale of buyers
5) Buyer's future Beliefs -
4 Factors why the Supply Curve might shift?
1) Prices of Inputs used for goods
2) Technology used for production
3) Nr and Scale of Sellers
4) Seller's future beliefs -
5 The Buyer's Problem
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What is Marginal Utility? Calculation?
The additional 'joy' you get from buying one extra unit.
CALCULATION: derivative of utility function -
How to calculate Opportunity Cost?
OPPcost (X) = LOSS (Y)/ GAIN (X) -
MRS (slope indifference curve) > P1/P2 (slope budget constraint)
Buy more of Good 1 and Less of Good 2 -
Reasons for Elasticity differences
1) Closeness of Substitutes
2) Budget Share Spent
3) Available Time to Adjust -
6 The Seller's Problem
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When do firms decide to Shut-Down? (Short Run)
When P < AVC ( BUT P > ATC) -
What is Marginal Product?
The added output resulting from one additional input.
input: worker -
7 Perfect Competition
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How to find the Long-run production in Perfect Competitive Markets?
They produce at efficient scale. (P=ATC) intersection of MC=ATC
The MC always intersects the ATC at its minimum. -
Entry/ Exit stops when...
Firms stop entering the market until the point where P=ATC (zero economic profits)
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