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- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/06%3A_Government_and_TradeIn addition to providing a legal and constitutional framework and implementing the law, governments can moderate and influence the operation or markets, provide public goods and furnish missing inform...In addition to providing a legal and constitutional framework and implementing the law, governments can moderate and influence the operation or markets, provide public goods and furnish missing information. We explore the theory of absolute and comparative advantage and illustrate the potential for consumer gains that trade brings. We analyze barriers to trade such as tariffs and quotas and end with an overview of the World's major trading groups and institutions.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/06%3A_Government_and_Trade/15%3A_International_trade/15.08%3A_Key_TermsPrinciple of comparative advantage states that even if one country has an absolute advantage in producing both goods, gains to specialization and trade still materialize, provided the opportunity cost...Principle of comparative advantage states that even if one country has an absolute advantage in producing both goods, gains to specialization and trade still materialize, provided the opportunity cost of producing the goods differs between economies. Content requirement: requires that a specified percentage of the final value of a product originate in the producing economy. Tariff is a tax on an imported product that is designed to limit trade in addition to generating tax revenue.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/05%3A_The_Factors_of_Production/12%3A_Labour_and_capital/12.08%3A_Exercises_for_Chapter_12Instead the firm must pay $50 more to employ each individual worker: The first worker is willing to work for $250, the second for $300, the third for $350, etc. The rate of interest is the first entry...Instead the firm must pay $50 more to employ each individual worker: The first worker is willing to work for $250, the second for $300, the third for $350, etc. The rate of interest is the first entry in each row, and the project cost is the final entry. If in addition to interest rate costs, there is a cost of storing the wine that equals 2% of the wine's value each year, for how many years would you hold the wine before selling?
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/02%3A_Responsiveness_and_the_Value_of_Markets/04%3A_Measures_of_response-_Elasticities/4.09%3A_Key_TermsPrice elasticity of demand is measured as the percentage change in quantity demanded, divided by the percentage change in price. Cross-price elasticity of demand is the percentage change in the quanti...Price elasticity of demand is measured as the percentage change in quantity demanded, divided by the percentage change in price. Cross-price elasticity of demand is the percentage change in the quantity demanded of a product divided by the percentage change in the price of another. Elasticity of supply is defined as the percentage change in quantity supplied divided by the percentage change in price.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/05%3A_The_Factors_of_Production/13%3A_Human_capital_and_the_income_distribution/13.05%3A_Education_returns_and_qualityDoubters then asked if the econometric estimation might be subject to bias – what if the additional earnings of those with more education are simply attributable to the fact that it is the innately mo...Doubters then asked if the econometric estimation might be subject to bias – what if the additional earnings of those with more education are simply attributable to the fact that it is the innately more capable individuals who both earn more and who have more schooling?
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/02%3A_Responsiveness_and_the_Value_of_Markets/05%3A_Welfare_economics_and_externalities/5.08%3A_ConclusionWhile efficiency is a central concept in economics, we must keep in mind that when the economic environment changes so too will the efficient use of resources, as we illustrated in Section 5.7. The bu...While efficiency is a central concept in economics, we must keep in mind that when the economic environment changes so too will the efficient use of resources, as we illustrated in Section 5.7. The build-up of GHGs in our atmosphere invokes the concept of intergenerational equity: The current generation is damaging the environment and the costs of that damage will be borne by subsequent generations.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/01%3A_The_Building_Blocks/02%3A_Theories_data_and_beliefs/2.02%3A_Data_theory_and_economic_modelsThe model is not a perfect predictor; it states that on average a change in the magnitude of the x-axis variable leads to a change of a specific amount in the magnitude of the y-axis variable. In the ...The model is not a perfect predictor; it states that on average a change in the magnitude of the x-axis variable leads to a change of a specific amount in the magnitude of the y-axis variable. In the background, we have a theory, proposing that driver fatalities depend upon the age of the driver, the quality of roads and signage, speed limits, the age of the automobile stock and perhaps some other variables.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/04%3A_Market_Structures/11%3A_Imperfect_competition/11.07%3A_Strategic_behaviour-_Duopoly_and_Cournot_gamesLet this output be defined by . We transfer this output combination to Figure 11.5, where the output of each firm is on one of the axes—A on the vertical axis and B on the horizontal. When subject to ...Let this output be defined by . We transfer this output combination to Figure 11.5, where the output of each firm is on one of the axes—A on the vertical axis and B on the horizontal. When subject to such a choice by B, firm A maximizes profit by producing where , where is the marginal revenue corresponding to the residual demand . The optimum for A is now , and this pair of outputs is represented by the combination in Figure 11.5.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/04%3A_Market_Structures/11%3A_Imperfect_competitionThe answer to each of these questions is likely 'no'. Because given the cost structure of these markets, it would not be possible to induce twice as many spectators without reducing the price per game...The answer to each of these questions is likely 'no'. Because given the cost structure of these markets, it would not be possible to induce twice as many spectators without reducing the price per game ticket to such a degree that revenue would be insufficient to cover costs. (We will neglect for the moment that the governing bodies of these sports also have the power to limit entry.) Fixed costs include stadium costs, staff payrolls and player payrolls.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/01%3A_The_Building_Blocks/03%3A_The_classical_marketplace__demand_and_supply/3.01%3A_The_marketplace_-_tradingAccordingly, suppliers may decide to cease supplying markets where prices do not remunerate them sufficiently, and redirect their energies and the productive resources under their control to other mar...Accordingly, suppliers may decide to cease supplying markets where prices do not remunerate them sufficiently, and redirect their energies and the productive resources under their control to other markets – markets where the product being traded is more highly valued, and where the buyer is willing to pay more.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Microeconomics_(Curtis_and_Irvine)/zz%3A_Back_Matter/21%3A_Solutions_To_Exercises/1.05%3A_Chapter_5_Solutions
