Microeconomics: Principles and Applications (6th Edition) by Robert E. Hall, Marc Lieberman

By Robert E. Hall, Marc Lieberman

Detect how today's microeconomic coverage concerns, judgements, and purposes influence you each day with the sensible, available presentation in MICROECONOMICS. Written by way of acclaimed economists corridor and Lieberman, this simple modern textual content bargains a presentation as present because the most recent headlines. clean new state of the art examples all through this version in addition to up-to-date mini-cases truly illustrate middle microeconomic idea and purposes in motion. This edition's streamlined chapters specialize in today's most crucial microeconomic theories and occasions. the newest considering from major economists is helping equip readers with a high-quality origin in microeconomics invaluable for achievement, it doesn't matter what the occupation.

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Extra info for Microeconomics: Principles and Applications (6th Edition)

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It covers some of the most basic concepts—such as interpreting graphs, the equation for a straight line, and the concept of a slope—that you will need in this course. You may want to glance at this appendix now, just so you’ll know what’s there. Then, from time to time, you can go back to it when you need it. Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).

Now—as we’ve seen—this opportunity cost increases as we move rightward. Therefore, the absolute value of the PPF’s slope must rise as well. 1 The Reason for Increasing Opportunity Cost Why does opportunity cost increase as we move along a PPF? Because most ­resources—by their very nature—are better suited to some purposes than to others. If the economy were operating at point A, for example, we’d be using all of our resources for wheat, even those that are much better suited to making tanks. People who would be better at factory work than farming would nevertheless be pressed into working on farms.

Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. 26 Part 1: Preliminaries figure 1 The Production Possibilities Frontier At point A, all resources are used for wheat. Bushels of Wheat per Year A B C 850,000 D 700,000 At point F, all resources E are used for tanks.

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