Microeconomics for Life 2nd edition by Avi Cohen – Ebook PDF Instant Download/Delivery:9780133135831,0133135837
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ISBN 10:0133135837
ISBN 13:9780133135831
Author:Avi Cohen
Micro/Macro Economics for Life 2e addresses the growing market needs and trends toward a literacy targeted approach to teaching economics, supported by an active-learning pedagogy and premium online teaching and learning resources. Microeconomics for Life offers a new narrative-driven approach to learning and teaching economics that demonstrates the relevance of economics to students. Accessible language and graphs, engaging first-person writing, a less-mathematical approach, and practical examples connect economics to students’ lives in a meaningful way. This text helps students become economically literate citizens, unlike traditional texts which prepare them to become economics majors. Personalize Learning with MyEconLab™ MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.
Microeconomics for Life 2nd Table of contents:
1 What’s in Economics for You? Scarcity, Opportunity Cost, Trade, and Models
1 What’s in Economics for You?
Are You Getting Enough? Scarcity and Choice
Refresh 1.1
Give It Up for Opportunity Cost! Opportunity Cost
Opportunity Cost Beats Money Cost
Economics Out There: Where Have All the Men Gone?
Incentives Work
Refresh 1.2
Why Don’t You Cook Breakfast? Gains from Trade
Voluntary Trade
Bake or Chop?
Production Possibilities Frontier
Deal or No Deal? Do the Numbers
Comparative Advantage
Smart Deals
Achieving the Impossible
Refresh 1.3
Economists as Mapmakers and Scientists: Thinking Like an Economist
Why Maps (and Economists) Are Useful
The Circular Flow of Economic Life
Economic Models
Follow the Flow Clockwise
Models as the Economist’s Laboratory
All Other Things Unchanged
Economics Out There: Do You Want to Be an Online Gamer Economist?
Positive and Normative Statements
Refresh 1.4
Where and How to Look: Models for Microeconomics and Macroeconomics
It’s All Greek to Me: Microeconomics or Macroeconomics?
Macroeconomics
Looking at the Trees or the Forest?
Three Keys to Smart Choices: Weigh Marginal Benefits and Marginal Costs
Key 1: Opportunity Costs Rule
Key 2: Look Forward Only to Additional Benefits and Opportunity Costs
Key 3: Implicit Costs and Externalities Count, Too
Negative Externalities
Positive Externalities
Moving On
Refresh 1.5
Study Guide: Chapter 1 Summary
1.2 Give It Up for Opportunity Cost! Opportunity Cost
1.3 Why Don’t You Cook Breakfast? Gains from Trade
1.4 Economists as Mapmakers and Scientists: Thinking Like an Economist
1.5 Where and How to Look: Models for Microeconomics and Macroeconomics
True/False
Multiple Choice
2 Making Smart Choices The Law of Demand
2 Making Smart Choices The Law of Demand
Put Your Money Where Your Mouth Is: Weighing Benefits, Costs, and Substitutes
How Badly Do You Want It?
What Will You Give Up?
Refresh 2.1
Living on the Edge: Smart Choices Are Marginal Choices
Marginal Benefits Decrease with Quantity
Economics Out There: Coke’s Automatic Price Gouging
The Diamond/Water Paradox
Refresh 2.2
Move On When the Price Isn’t Right: The Law of Demand
Quantity Demanded
Changing Prices Change Quantity Demanded
Water or Brooms?
The Law of Demand
Market Demand Curve for Water
Economizing Decisions
Two Ways to Read a Demand Curve
Demand Curve
Marginal Benefit Curve
The Demand Curve Is Also a Marginal Benefit Curve
Refresh 2.3
Moving the Margins: What Can Change Demand?
Why Bother Distinguishing between Quantity Demanded and Demand?
Controlled Experiments
Five Ways to Change Demand and Shift the Demand Curve
Preferences
Prices of Related Products
Economics Out There: Diamond Engagement Rings Were Not Forever
Income
Economics Out There: If I Had $1 000 000 Dollars
Expected Future Prices
Number of Consumers
Moving Along or Shifting the Demand Curve
Saving the Law of Demand
Refresh 2.4
Study Guide: Chapter 2 Summary
2.2 Living on the Edge: Smart Choices Are Marginal Choices
2.3 Move On When the Price Isn’t Right: The Law of Demand
2.4 Moving the Margins: What Can Change Demand?
True/False
Multiple Choice
3 Show Me the Money The Law of Supply
3 Show Me the Money The Law of Supply
What Does It Really Cost? Costs Are Opportunity Costs
Marginal Cost
How Demand and Supply Choices Are Similar
How Demand and Supply Choices Are Different
What Do Inputs Really Cost?
Marginal Costs Are Ultimately Opportunity Costs
Refresh 3.1
Forget It, It’s History: Sunk Costs Don’t Matter for Future Choices
Refresh 3.2
More for More Money: The Law of Supply
Quantity Supplied
Body Piercings or Nail Sets?
Paola’s Parlour’s Production Possibilities Frontier
Increasing Marginal Opportunity Costs
Opportunity Costs Are Marginal Costs
Paying for Opportunity Costs
Why Marginal Opportunity Costs Increase
When Marginal Opportunity Costs Are Constant
The Law of Supply
Supply Curve of Piercings
Two Ways to Read a Supply Curve
Supply Curve
Marginal Cost Curve
The Supply Curve Is Also a Marginal Cost Curve
Refresh 3.3
Changing the Bottom Line: What Can Change Supply?
Economics Out There: Uncorking the Okanagan
Six Ways to Change Supply and Shift the Supply Curve
Technology
Economics Out There: Army of Noodle-Shaving Robots Invades Restaurants
Environment
Price of Inputs
Prices of Related Products and Services
Expected Future Prices
Number of Businesses
Moving Along or Shifting the Supply Curve
Saving the Law of Supply
Refresh 3.4
Study Guide: Chapter 3 Summary
3.2 Forget It, It’s History: Sunk Costs Don’t Matter for Future Choices
3.3 More for More Money: The Law of Supply
3.4 Changing the Bottom Line: What Can Change Supply?
True/False
Multiple Choice
4 Coordinating Smart Choices Demand and Supply
4 Coordinating Smart Choices Demand and Supply
What’s a Market?
Markets Mix Competition and Cooperation
The Rules of the Game
Can I Trust You?
Refresh 4.1
Where Do Prices Come From? Price Signals from Combining Demand and Supply
Economics Out There: Rules of the Game Are Necessary for All Games, Not Just Markets
Prices in Action
Demand Meets Supply
Frustrated Buyers
Frustrated Sellers
Adjusting Prices and Quantities
Self-Interest at Work
Refresh 4.2
When Prices Sit Still: Market-Clearing or Equilibrium Prices
Market-Clearing Price
Equilibrium Price
The Invisible Hand
Refresh 4.3
Moving Targets: What Happens When Demand and Supply Change?
Changes in Demand
Decrease in Demand
Changes in Supply
Decrease in Supply
Economics Out There: Lobsters Galore!
Combining Changes in Demand and Supply
Increase in Both Demand and Supply
Decrease in Both Demand and Supply
Increase in Demand and Decrease in Supply
Decrease in Demand and Increase in Supply
Putting It All Together
Economists Do It with Models
Start in Equilibrium
One Change at a Time
Refresh 4.4
Getting More Than You Bargained For: Consumer Surplus, Producer Surplus, and Efficiency
Consumer Surplus
Producer Surplus
Economic Efficiency
Marginal Benefit Greater Than Marginal Cost
Marginal Cost Greater Than Marginal Benefit
Comparing Total Surplus
Efficient Market Outcome
Too Good to Be True?
Refresh 4.5
Study Guide: Chapter 4 Summary
4.2 Where Do Prices Come From? Price Signals from Combining Demand and Supply
4.3 When Prices Sit Still: Market-Clearing or Equilibrium Prices
4.4 Moving Targets: What Happens When Demand and Supply Change?
4.5 Getting More Than You Bargained For: Consumer Surplus, Producer Surplus, and Efficiency
True/False
Multiple Choice
5 Just How Badly Do You Want It? Elasticity
5 Just How Badly Do You Want It? Elasticity
Measuring Your Responsiveness: Price Elasticity of Demand
Measuring Your Responsiveness
Inelastic Demand
Elastic Demand
Calculating Elasticity of Demand
Perfect Elasticities
Shopping Elsewhere
The Midpoint Formula for Measuring Elasticity of Demand
Why Are You (Un)Responsive? Factors Determining Elasticity
Available Substitutes
Time to Adjust
Proportion of Income Spent
Refresh 5.1
Will You Make It Up in Volume? Elasticity and Total Revenue
Total Revenue
Price Cuts Are Smart Facing Elastic Demand
Price Rises Are Smart Facing Inelastic Demand
Smart Pricing Decisions Depend on Elasticity of Demand
Economics Out There: When It Comes to Reservations, Time is Money
Calculating Elasticity and Total Revenue
Elasticity Along a Straight Line Demand Curve
Calculating Total Revenue
Price Cuts and Total Revenue
Refresh 5.2
How Far Will You Jump for the Money? Price Elasticity of Supply
Responsiveness Again
Perfect Elasticities of Supply
Measuring Business Responsiveness
Calculating Elasticity of Supply
The Midpoint Formula for Measuring Elasticity of Supply
Gearing Up (Production) Can Be Hard to Do: Factors Determining Elasticity of Supply
Availability of Inputs
Time
Why Do We Care about Elasticity of Supply?
Refresh 5.3
Can You Measure Substitutes? More Elasticities of Demand
Cross Elasticity of Demand
Substitutes
Complements
By How Much?
Income Elasticity of Demand
Normal Goods
Inferior Goods
Necessities and Luxuries
Quick Guide to Elasticity Measures
Refresh 5.4
Who Pays the HST? Tax Incidence and Government Tax Choices
Tax Incidence
Tax Incidence with Extreme Demand Elasticities
Tax Incidence with Extreme Supply Elasticities
Measurement Stretches Understanding
Refresh 5.5
Study Guide: Chapter 5 Summary
5.2 Will You Make It Up in Volume? Elasticity and Total Revenue
5.3 How Far Will You Jump for the Money? Price Elasticity of Supply
5.4 Can you Measure Substitutes? More Elasticities of Demand
5.5 Who Pays the HST? Tax Incidence and Government Tax Choices
True/False
Multiple Choice
6 What Gives When Prices Don’t? Government Policy Choices
6 What Gives When Prices Don’t? Government Policy Choices
Do Prices or Quantities Adjust? Unintended Consequences of Government Policies
When Price Is Fixed Too Low, Quantities Adjust
Prices Adjust
Quantities Adjust
When Price Is Fixed Too High, Quantities Adjust
Prices Adjust
Quantities Adjust
Economics Out There: Price Controls Keep Venezuelan Cupboards Bare
Refresh 6.1
Do Rent Controls Help the Homeless? Price Ceilings
Benefits and Costs of Rent Control Policies
Inefficiency of Rent Controls
Unintended Consequences of Rent Controls
Landlord Power
Subsidizing the Rich
Alternatives to Rent Controls
Refresh 6.2
Do Minimum Wages Help the Working Poor? Price Floors
Minimum Wage Laws Past and Present
Benefits and Costs of Minimum Wage Laws
Labour Markets Are Input Markets
Benefits
Costs
Unintended Consequences of Minimum Wages
Unemployment
Inefficiency
Economics Out There: Hundreds of Economists Say Raise the Minimum Wage
Weighing the Benefits and Costs of Minimum Wages
Elasticity of Demand for Unskilled Labour
Alternatives to Minimum Wage Laws
Refresh 6.3
When Markets Work Well, Are They Fair? Trade-Offs between Efficiency and Equity
Efficient Market Outcomes
Economics Out There: Is Price Gouging during a Disaster Wrong?
Who Is Excluded from Efficient Market Outcomes?
Health Care
Is Inefficient Health Care All Bad?
Refresh 6.4
Choosing between Efficiency and Equity: What Economics Can and Cannot Do for You
Efficiency or Equity?
Economics Out There: Can We Eliminate the Trade-Off between Efficiency and Equity?
Equal Outcomes or Equal Opportunity?
Equal Outcomes
Equal Opportunities
The Politics of Equity
What Economics Can and Cannot Do for You
Smart Government Policy Choices
Refresh 6.5
Study Guide: Chapter 6 Summary
6.2 Do Rent Controls Help the Homeless? Price Ceilings
6.3 Do Minimum Wages Help the Working Poor? Price Floors
6.4 When Markets Work Well, Are They Fair? Trade-Offs between Efficiency and Equity
6.5 Choosing between Efficiency and Equity: What Economics can and Cannot Do for You
True/False
Multiple Choice
7 Finding the Bottom Line Opportunity Costs, Economic Profits and Losses, and the Miracle of Markets
7 Finding the Bottom Line Opportunity Costs, Economic Profits and Losses, and the Miracle of Markets
What Accountants Miss: Accounting Profits and Hidden Opportunity Costs
Obvious Costs and Accounting Profits
Depreciation
Obvious Costs
Accounting Profits
Your Time’s Opportunity Cost
Your Money’s Opportunity Cost
Risky Business
Economics Out There: Which Mortgage Is Right for You?
Refresh 7.1
What Economists Find: Normal Profits and Economic Profits
Normal Profits
Economic Profits
What Economists Find
Refresh 7.2
Red Light, Green Light: How Economic Profits Direct the Invisible Hand
Economic Profits Signal the Way
Scenario One
Scenario Two
Scenario Three
Market Equilibrium
Study Guide: Chapter 7 Summary
7.2 What Economists Find: Normal Profits and Economic Profits
7.3 Red Light, Green Light: How Economic Profits Direct the Invisible Hand
True/False
Multiple Choice
8 Pricing Power Monopoly to Competition and In Between
8 Pricing Power Monopoly to Competition and In Between
Dreams of Monopoly and Nightmares of Competition: Price Makers and Price Takers
Price Maker
Can’t Force Buyers to Buy
Inelastic Demand For Monopoly
Perfect Competition
Price Taker
Demand Is Perfectly Elastic for Perfect Competition
Refresh 8.1
How Much Competition Is Going On? Market Structure
Broad Markets, More Substitutes, Less Pricing Power
Narrow Markets, Fewer Substitutes, More Pricing Power
Product Differentiation, Fewer Substitutes, More Pricing Power
Counting Competitors: How Many Competing Businesses?
Economics Out There: What’s Your Favourite Beer — and Why?
Keeping Competitors Out and Profits In: Barriers to Entry
Legal Barriers to Entry
Economics Out There: Pricing Headaches and Sex
Economic Barriers to Entry
How Do You Spell Competition? E-L-A-S-T-I-C-I-T-Y of Demand
High Pricing Power with Inelastic Demand
Low Pricing Power with Elastic Demand
Refresh 8.2
Mash-Ups of Market Structure: Oligopoly and Monopolistic Competition
Oligopoly
Monopolistic Competition
Refresh 8.3
To Compete Is a Verb: How Do Businesses Compete?
What Do Businesses Do to Compete?
Improving Quality and Product Innovation
Advertising and Brand Loyalty
Eliminating Competition
Economics Out There: Where’s the Real Competition?
Building Barriers to Entry
The Invisible Hand, Like Gravity, Is Unforgiving: Freedom Meets Competition
Economic Freedom
Competitive Pressure
Economics Out There: Higher Wages = Lower Costs?
Back to Equilibrium
Competition as Creative Destruction: Breaking Free of Equilibrium
Why Marx Admired Capitalism
Schumpeter’s Creative Destruction
Refresh 8.4
Study Guide: Chapter 8 Summary
8.2 How Much Competition Is Going on? Market Structure
8.3 Mash-Ups of Market Structure: Oligopoly and Monopolistic Competition
8.4 To Compete Is a Verb: How Do Businesses Compete?
True/False
Multiple Choice
9 Pricing for Profits Marginal Revenue and Marginal Cost
9 Pricing for Profits Marginal Revenue and Marginal Cost
Is the Price You See the Revenue You Get? Marginal Revenue
Basic Ingredients
Marginal Revenues
Marginal Costs
Choose When Marginal Revenues Are Greater Than Marginal Costs
One Price Rules When Buyers Can Resell
Economics Out There: iResentment
Marginal Revenue
Change in Total Revenue
Revenue from Selling One More Unit
When Marginal Revenue Equals Price
Marginal Revenue Curve for Price Takers
When Marginal Revenue Is Less Than Price
Calculating Marginal Revenue for Price Makers
Time Machine Explanation Why Marginal Revenue Is Less Than Price
Marginal Revenue Curve for Price Makers
What about Total Revenue?
Refresh 9.1
Increasing or Constant? Marginal Cost
Increasing Marginal Cost
Diminishing Returns
Constant Marginal Cost
Refresh 9.2
Recipe for Profits: Marginal Revenue Greater Than Marginal Cost
Recipe for Profits in Numbers
Quantity Decision
Price-Making Decision
Recipe for Profits in Graphs
Quantity Decision
Why Is This Recipe the Best? Pricing for Maximum Economic Profits
Back to the Three Keys to Smart Choices
Refresh 9.3
Divide and Conquer: Price Discrimination Recipes for Higher Profits
Breaking the One-Price Rule
Discriminate (Cleverly) by Elasticity
Price Discrimination at the Movies
Price Discrimination on Airplanes
Why Evening and Weekend Minutes Are Free
Recipe for Price Discrimination
Doubling Up the Recipe for Profits
Economics Out There: Are You a Coupon Clipper?
Why Stop at Two?
Putting It All Together
Economics Out There: Squeezing More Profits with Dynamic Pricing
Refresh 9.4
Are Maximum Profits Good for All? Market Structure and Efficiency
Efficiency of Perfect Competition and Price Takers
Perfect Competition Is Efficient
Inefficiency of Market Structures with Price Makers
Price-Making Power Is Inefficient
Are Inefficient Price Makers All Bad?
Refresh 9.5
Study Guide: Chapter 9 Summary
9.2 Increasing or Constant? Marginal Cost
9.3 Recipe for Profits: Marginal Revenue Greater than Marginal Cost
9.4 Divide and Conquer: Price Discrimination Recipes for Higher Profits
9.5 Are Maximum Profits Good for All? Market Structure and Efficiency
True/False
Multiple Choice
Appendix 9 Exploring Perfect Competition Productivity, Costs, Quantities, and Profits
Appendix 9 Exploring Perfect Competition Productivity, Costs, Quantities, and Profits
All Equal ! Marginal Revenue and Price
Refresh 9A.1
More Gets You Less: Costs and Diminishing Marginal Productivity
Fixed Costs and Variable Costs
Diminishing Marginal Productivity
Marginal Products Decrease
From Diminishing Marginal Productivity to Increasing Marginal Costs
Increasing Marginal Costs
From Marginal Costs to Average Total Costs
Total Costs and Marginal Cost
Average Total Cost
Marginal Cost and Average Total Cost
Marginal and Average Again
Refresh 9A.2
Prices and the Recipe for Profits: Marginal Cost Curve Determines the Supply Curve
Maximum Economic Profits Where MR = MC
Marginal Cost Curve Determines the Supply Curve
Market Supply Curve
Refresh 9A.3
Go or Stay? Short-Run and Long-Run Equilibrium
Three Short-Run Economic Profit Scenarios
Scenario One — Economic Losses
Scenario Two — Breakeven Point
Scenario Three — Economic Profits
Long-Run Economic Profit Adjustments
The Invisible Hand Again
Refresh 9A.4
Study Guide: Chapter 9 Summary
9A.2 More Gets You Less: Costs and Diminishing Marginal Productivity
9A.3 Prices and the Recipe for Profits: Marginal Cost Curve Determines the Supply Curve
9A.4 Go or Stay? Short-Run and Long-Run Equilibrium
True/False
Multiple Choice
10 When Markets Fail Natural Monopoly, Gaming, Competition, and Government
10 When Markets Fail Natural Monopoly, Gaming, Competition, and Government
Size Matters: Market Failure and Natural Monopoly
Economies of Scale
Market Failure
The Government Policy Challenge
Public Ownership: Crown Corporations
Regulated Private Monopoly
Rate of Return Legislation
What’s So Natural about Natural Monopoly?
Refresh 10.1
Cooperate or Cheat? Prisoners’ Dilemma and Conspiracies
Gasoline Price Wars and Conspiracies
The Prisoners’ Dilemma: Game Theory and Strategic Behaviour
Payoffs Depend on the Other’s Choice
Nash Equilibrium
Game Theory and Gas Prices
Trust or No Trust?
Refresh 10.2
C-Words Everywhere: Cartels, Collusion, Cheating, Competition Law, Caveat Emptor
OPEC
Competition Law
The Competition Act
Criminal Offences
Economics Out There: Hershey Guilty of Price-Fixing in Canadian Chocolate Cartel
Civil Offences
Should the Buyer Alone Beware? Regulatory Agencies in Canada
Let the Buyer Beware?
Forms of Regulation
Refresh 10.3
Pick Your Poison: Market Failure or Government Failure?
Should Governments Regulate? Public-Interest View or Capture View
Public-Interest View of Government Regulation
Capture View of Government Regulation
Evidence and Explanations
Evidence
Mixed Results
Explanations
Economics Out There: Cheese Smuggling? Only in Canada
Political Pressures
Trade-Offs: Market Failure or Government Failure?
Government Failure?
Refresh 10.4
Study Guide: Chapter 10 Summary
10.2 Cooperate or Cheat? Prisoners’ Dilemma and Cartels
10.3 C-words Everywhere: Cartels, Collusion, Cheating, Competition Law, Caveat Emptor
10.4 Pick Your Poison: Market Failure or Government Failure?
True/False
Multiple Choice
11 Acid Rain on Others’ Parades Externalities, Carbon Taxes, Free Riders, and Public Goods
11 Acid Rain on Others’ Parades Externalities, Carbon Taxes, Free Riders, and Public Goods
Handcuffing the Invisible Hand: Market Failure with Externalities
How Much Does That Honda Civic Really Cost?
Negative Externalities
The Invisible Hand Fails
Was It Good Just for You?
Positive Externalities
Free Riders
No Ownership, No Incentives, No Coordinated Choices
Tragedy of the Commons
No Incentives
Wrong Prices
Refresh 11.1
Why Radical Environmentalists Dislike Economists: Efficient Pollution
Trade-Offs between Pollution and Living Standards
Economics Out There: A Useful Poison?
Efficient Combinations of Output and Pollution
Marginal Social Cost
Marginal Social Benefit
Pulp Industry Challenge
Demand
Supply
Marginal Social Cost Again
Putting It All Together
Understanding the Smart Social Choice
Refresh 11.2
Liberating the Invisible Hand: Policies to Internalize the Externality
Government Support for the Invisible Hand
Create Property Rights
Carbon Taxes and Cap-and-Trade System for Emissions
Carbon Taxes
Cap-and-Trade System for Emissions
Licence to Pollute?
What’s the Dif?
Economics Out There: Make Polluters (Including You) Pay
Green Trade-Offs of Efficiency versus Equity
Economics Out There: Carbon Taxes Make Ireland Even Greener
Refresh 11.3
Why Lighthouses Won’t Make You Rich: Free Riders and Public Goods
The Free-Rider Problem
Public Goods
Positive Externalities
Efficient Combinations of Output and External Benefits
Demand
Economics Out There: Infrastructure as Public Good
Marginal Social Benefit
Supply
Putting It All Together
Understanding the Smart Social Choice
Is There a Smart Social Price?
Refresh 11.4
Why Your Tuition Is Cheap (Really!): Subsidies for the Public Good
Adam Smith’s Vote for Government
Subsidies
Subsidy to Suppliers
Subsidies Remove the Wedge
Economics Out There: Should Drivers Be Taxed to Pay for Public Transit?
Public Provision
What Does Your Education Cost?
Paying for Externalities
Refresh 11.5
Study Guide: Chapter 11 Summary
11.2 Why Radical Environmentalists Dislike Economists: Efficient Pollution
11.3 Liberating the Invisible Hand: Policies to Internalize the Externality
11.4 Why Lighthouses Won’t Make You Rich: Freeriders and Public Goods
11.5 Why Your Tuition Is Cheap (Really!): Subsidies for the Public Good
True/False
Multiple Choice
12 What Are You Worth? Inputs, Incomes, and Inequality
12 What Are You Worth? Inputs, Incomes, and Inequality
Switching Sides: Incomes Are Prices and Quantities in Input Markets
Input Markets
Output Markets
Inputs and Income
Income Is a Flow, Wealth Is a Stock
Entrepreneurs’ Income Is Different
Refresh 12.1
What Have You Done for Me Lately? Labour and Marginal Revenue Product
Back to the Future of Wahid’s Web Wonders Business
Show Me the Money (Again): Supply of Labour
Why Your Boss Wants You: Derived Demand for Labour
Smart Business Choices in Hiring Labour
Additional Costs and Additional Benefits
Diminishing Marginal Productivity
Marginal Revenue Product
Recipe for Profits for Hiring Inputs
Marginal Productivity and Income
Refresh 12.2
All Present and Accounted For: Interest on Capital and Present Value
Comparing the Present and Future
From Present to Future
From Future to Present: Key 3 and Implicit Costs to the Rescue
Implicit Costs
Intuition Behind Present Value
Discounting
Refresh 12.3
Why Sidney Crosby Plays by Different Rules: Land, Economic Rent, and Superstars
High Input Prices Cause High Output Prices
High Output Prices Cause High Input Prices
Is Sidney Crosby a Landlord?
Are Superstar Salaries to Blame for High Ticket Prices?
Economics Out There: Fans Stick It to NHL Players
Refresh 12.4
What Should You Be Worth? Inequality and Poverty
What Do We Earn and Own? Measuring (In)Equality of Income and Wealth
Income
Wealth
Other Wealth Issues
Why Are You (Not) Rich?
What Can Be Done to Help the Poor?
Education and Training
Progressive Taxes and Transfers
Incentive Effects of Redistribution
What Should Be Done to Help the Poor? Equity and Efficiency One More Time
What Is Equity?
Refresh 12.5
Study Guide: Chapter 12 Summary
12.2 What Have You Done for Me Lately? Labour and Marginal Revenue Product
12.3 All Present and Accounted For: Interest on Capital and Present Value
12.4 Why Sidney Crosby Plays by Different Rules: Land, Economic Rent, and Superstars
12.5 What Should You Be Worth? Inequality and Poverty
True/False
Multiple Choice
Summing Up
Glossary
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