Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393614077
Author: coppock, Lee; Mateer, Dirk
Publisher: W. W. Norton & Company
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Chapter 5, Problem 4QFR
To determine
The definition of the concept of efficiency.
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Chapter 5 Solutions
Principles of Economics (Second Edition)
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- In what sense is a competitive equilibrium a good or bad thing for a given economy?arrow_forwardWhy is economics often described as the science of constrained choice?arrow_forwardIn his landmark book on economics, Human Action, Economist Ludwig von Mises describes the consumer as the “captain of the ship.” Write a short essay addressing Mises’s claim. Is he correct? Why or why not? How does what Mises claim correspond to what we know about the laws of supply and demand?arrow_forward
- What is a market efficiency and how is the market model used to test for the market efficiency? (a few hundred words)arrow_forwardSuppose the market for hats is competitive, with many small producers of hats, each of them unable to affect the market price of hats, and many consumers. And suppose there is an increase in the demand for hats. (a) How would an increase in demand affect the demand curve and supply curve for hats; and how would it change the equilibrium price and quantity of hats sold? (b) The Core Economics text observes that "price-taking is no longer a “Nash equilibrium". What is a “Nash equilibrium"? And why is price-taking no longer one? (c) When the market is not in equilibrium, it is said that the short side of the market dominates. What does this mean? (d) What are "economic rents"? How does "rent seeking" enter the process of price adjustment? (e) In what ways might the market for hats differ from "the labour market"?arrow_forwardI am trying to figure out how to find the marginal benefitarrow_forward
- What is the problem that economists see with our resources and our wants? Please just answer with one or two sentences.arrow_forwardWhat is marginal benefit? How do you calculate marginal benefit?arrow_forwardThe figure shows the pizza market. A) If the price of a slice of 4-point pizza is $3, what is the consumer surplus of the 50th slice? B) If the price of a slice of pizza is $3, what is the producer surplus for the 50th slice of pizza? C) What is the efficient quantity? What is the equilibrium quantity? What is the loss when the equilibrium quantity is produced?arrow_forward
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