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6. REVISITING THE CONSUMER’S DEMAND FUNCTION
income effect. Exhibit 16. Substitution and Income Effects for a Normal Good Note: Substitution effect (Q a to Q b ) and the income effect (Q b to Q c ) of a decrease in the price of a normal good. <span>An important thing to notice is that the pure substitution effect must always be in the direction of purchasing more when the price falls and purchasing less when the price rises. This is because of the diminishing marginal rate of substitution, or the convexity of the indifference curve. Look again at Exhibit 16. Note that the substitution effect is the result of changing from budget constraint 1 to budget constraint 3—or moving the budget constraint along the original
Flashcard 1434966953228
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Parent (intermediate) annotation
Open itAn important thing to notice is that the pure substitution effect must always be in the direction of purchasing more when the price falls and purchasing less when the price rises. This is because of the diminishing marginal rate of substitution, or the convexity of the indifference curve.
Original toplevel document
6. REVISITING THE CONSUMER’S DEMAND FUNCTIONincome effect. Exhibit 16. Substitution and Income Effects for a Normal Good Note: Substitution effect (Q a to Q b ) and the income effect (Q b to Q c ) of a decrease in the price of a normal good. <span>An important thing to notice is that the pure substitution effect must always be in the direction of purchasing more when the price falls and purchasing less when the price rises. This is because of the diminishing marginal rate of substitution, or the convexity of the indifference curve. Look again at Exhibit 16. Note that the substitution effect is the result of changing from budget constraint 1 to budget constraint 3—or moving the budget constraint along the original
Flashcard 1434972196108
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Parent (intermediate) annotation
Open itThe verb mood we use most in speaking and writing is the indicative mood. Within this mood is a full range of tenses: present mangio ‘I eat’; past ho mangiato ‘I have eaten’; future mangerò ‘I will eat’; etc. The verb mood used to express uncertainty is the
Original toplevel document (pdf)
cannot see any pdfsFlashcard 1434977701132
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Parent (intermediate) annotation
Open ite use most in speaking and writing is the indicative mood. Within this mood is a full range of tenses: present mangio ‘I eat’; past ho mangiato ‘I have eaten’; future mangerò ‘I will eat’; etc. The verb mood used to express uncertainty is the <span>subjunctive, which also has a full range of tenses. See Subjunctive.<span><body><html>
Original toplevel document (pdf)
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Parent (intermediate) annotation
Open itThe verb mood we use most in speaking and writing is the indicative mood. Within this mood is a full range of tenses: present mangio ‘I eat’; past ho mangiato ‘I have eaten’; future mangerò ‘I will eat’; etc. The verb mood used to express uncertainty is the subjunctive, which also has a full range of tenses. S
Original toplevel document (pdf)
cannot see any pdfsFlashcard 1434982419724
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Parent (intermediate) annotation
Open itAn indirect object, whether noun or pronoun, is one that is indirectly affected by the action or event. An indirect object can be found with a transitive verb, which already has one direct object: ho mand
Original toplevel document (pdf)
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Parent (intermediate) annotation
Open itAn indirect object, whether noun or pronoun, is one that is indirectly affected by the action or event. An indirect object can be found with a transitive verb, which already has one direct object: ho mandato delle cartoline ai miei amici ‘I sent some postcards to my friends’. Or it can be used with an intransitive verb, which does not take a
Original toplevel document (pdf)
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Parent (intermediate) annotation
Open itronoun, is one that is indirectly affected by the action or event. An indirect object can be found with a transitive verb, which already has one direct object: ho mandato delle cartoline ai miei amici ‘I sent some postcards to my friends’. Or <span>it can be used with an intransitive verb, which does not take a direct object, in which case it may be found together with a preposition such as a, da: Marco telefonava a sua madre ogni se
Original toplevel document (pdf)
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Parent (intermediate) annotation
Open itNumber is the distinction between singular and plural. Verb forms alter according to the number of the subject: il ragazzo nuota ‘the boy swims’; i ragazzi nuotano ‘the boys swim’.
Original toplevel document (pdf)
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Parent (intermediate) annotation
Open itNumber is the distinction between singular and plural. Verb forms alter according to the number of the subject: il ragazzo nuota ‘the boy swims’; i ragazzi nuotano ‘the boys swim’.
Original toplevel document (pdf)
cannot see any pdfsFlashcard 1434994216204
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2. Learn before you memorize
Before you proceed with memorizing individual facts and rules, you need to build an overall picture of the learned knowledge . Only when individual pieces fit to build a single coherent structure, will you be able to dramatically reduce the learning time. This is closely related to the problem comprehension mentioned in Rule 1: Do not learn if you do not understand. A single sep
Flashcard 1434996575500
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2. Learn before you memorize
Before you proceed with memorizing individual facts and rules, you need to build an overall picture of the learned knowledge . Only when individual pieces fit to build a single coherent structure, will you be able to dramatically reduce the learning time. This is closely related to the problem comprehension mentioned in Rule 1: Do not learn if you do not understand. A single sep
Flashcard 1434998934796
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4. minimum information principle
The material you learn must be formulated in as simple way as it is Simple is easy By definition, simple material is easy to remember. This comes from the fact that its simplicity makes is easy for the brain to process it always in the same way. Imagine a labyrinth. When making a repetition of a piece of material, your
Flashcard 1435001294092
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4. minimum information principle
The material you learn must be formulated in as simple way as it is Simple is easy By definition, simple material is easy to remember. This comes from the fact that its simplicity makes is easy for the brain to process it always in the same way. Imagine a labyr
Flashcard 1435003653388
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Parent (intermediate) annotation
Open itEl Signo de Raíz es v 7 llamado signo radical, y bajo este signo se co loca la cantidad a la cual se le extrae la raíz. Así, \T á equivale a raíz cuadrada de a, o sea, la cantidad que elevada al cuadrado reproduce la can tidad a; W
Original toplevel document (pdf)
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Open itUna misma letra puede representar distintos valores diferenciándolos por medio de comillas; por ejemplo: a a " , a'", que se leen a prima, a se gunda, a tercera, o también por medio de subíndices; por ejemplo: alt a2, (h, que se leen a subuno, a subdos, a subtres.
Original toplevel document (pdf)
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Parent (intermediate) annotation
Open itCantidades aritméticas son las que expresan solamente el valor abso luto de las cantidades representado por los números, pero no nos dicen el sentido o valor relativo de las cantidades.
Original toplevel document (pdf)
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Parent (intermediate) annotation
Open itEl Signo de la Elevación a Potencia es el exponente, que es un núm ero pequeño colocado arriba y a la derecha de una cantidad, el cual indica las veces que dicha , cantidad, llamada base, se toma como factor.
Original toplevel document (pdf)
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Parent (intermediate) annotation
Open itFor most goods and services, the long-run demand is much more elastic than the short-run demand. The reason is that if price were to change for, say, gasoline, we probably would not be able to respond quickly with a significant reduct
Original toplevel document
4.1. Own-Price Elasticity of Demandthe price of housing were to rise significantly, however, most households would try to find a way to reduce the quantity they buy, at least in the long run. This example leads to another characteristic regarding price elasticity. <span>For most goods and services, the long-run demand is much more elastic than the short-run demand. The reason is that if price were to change for, say, gasoline, we probably would not be able to respond quickly with a significant reduction in the quantity we consume. In the short run, we tend to be locked into modes of transportation, housing and employment location, and so on. The longer the adjustment time, however, the greater the degree to which a household could adjust to the change in price. Hence, for most goods, long-run elasticity of demand is greater than short-run elasticity. Durable goods, however, tend to behave in the opposite way. If the price of washing machines were to fall, people might react quickly because they have an old machine that they know will need to be replaced fairly soon anyway. So when price falls, they might decide to go ahead and make the purchase. If the price of washing machines were to stay low forever, however, it is unlikely that a typical consumer would buy all that many more machines over a lifetime. Certainly, whether the good or service is seen to be non-discretionary or discretionary would help determine its sensitivity to a price change. Faced with the same percenta
Flashcard 1435015449868
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Parent (intermediate) annotation
Open itwe can interpret the marginal cost curve as the lowest price sellers would accept for each quantity, which basically means the marginal cost curve is the supply curve of any competitive seller.
Original toplevel document
3.10. Producer Surplus—Revenue minus Variable Costatively, a producer should be willing to sell that unit for a price that is higher than its marginal cost because it would contribute something toward fixed cost and profit, and obviously the higher the price the better for the seller. Hence, <span>we can interpret the marginal cost curve as the lowest price sellers would accept for each quantity, which basically means the marginal cost curve is the supply curve of any competitive seller. The market supply curve is simply the aggregation of all sellers’ individual supply curves, as we showed in section 3.5. Marginal cost curves are likely to have positive sl
Flashcard 1435017809164
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Parent (intermediate) annotation
Open itwe can interpret the marginal cost curve as the lowest price sellers would accept for each quantity, which basically means the marginal cost curve is the supply curve of any competitive seller.
Original toplevel document
3.10. Producer Surplus—Revenue minus Variable Costatively, a producer should be willing to sell that unit for a price that is higher than its marginal cost because it would contribute something toward fixed cost and profit, and obviously the higher the price the better for the seller. Hence, <span>we can interpret the marginal cost curve as the lowest price sellers would accept for each quantity, which basically means the marginal cost curve is the supply curve of any competitive seller. The market supply curve is simply the aggregation of all sellers’ individual supply curves, as we showed in section 3.5. Marginal cost curves are likely to have positive sl
Flashcard 1435020168460
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Parent (intermediate) annotation
Open itAggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1:
Original toplevel document
3.5. Aggregating the Demand and Supply Functions5Q eb Solution to 3: The slope of the market demand curve is the coefficient on Q eb in the inverse demand function, which is −0.0025. EXAMPLE 5 <span>Aggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1: Aggregating supply functions means summing up the quantity supplied by all sellers. In this case, there are eight identical sellers, so multiply the individual seller’s supply function by eight: Qseb=8(−64.5+37.5Peb−7.5W)=−516+300Peb−60W Solution to 2: Holding W constant at a value of €10, insert that value into the aggregate supply function and then solve for P eb to find the inverse supply function: Q eb = –1,116 + 300P eb Inverting, P eb = 3.72 + 0.0033Q eb Solution to 3: The slope of the supply curve is the coefficient on Q eb in the inverse supply function, which is 0.0033. <span><body><html>
Flashcard 1435022527756
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Parent (intermediate) annotation
Open itAggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1:
Original toplevel document
3.5. Aggregating the Demand and Supply Functions5Q eb Solution to 3: The slope of the market demand curve is the coefficient on Q eb in the inverse demand function, which is −0.0025. EXAMPLE 5 <span>Aggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1: Aggregating supply functions means summing up the quantity supplied by all sellers. In this case, there are eight identical sellers, so multiply the individual seller’s supply function by eight: Qseb=8(−64.5+37.5Peb−7.5W)=−516+300Peb−60W Solution to 2: Holding W constant at a value of €10, insert that value into the aggregate supply function and then solve for P eb to find the inverse supply function: Q eb = –1,116 + 300P eb Inverting, P eb = 3.72 + 0.0033Q eb Solution to 3: The slope of the supply curve is the coefficient on Q eb in the inverse supply function, which is 0.0033. <span><body><html>
Flashcard 1435024362764
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Parent (intermediate) annotation
Open itAggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1:
Original toplevel document
3.5. Aggregating the Demand and Supply Functions5Q eb Solution to 3: The slope of the market demand curve is the coefficient on Q eb in the inverse demand function, which is −0.0025. EXAMPLE 5 <span>Aggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1: Aggregating supply functions means summing up the quantity supplied by all sellers. In this case, there are eight identical sellers, so multiply the individual seller’s supply function by eight: Qseb=8(−64.5+37.5Peb−7.5W)=−516+300Peb−60W Solution to 2: Holding W constant at a value of €10, insert that value into the aggregate supply function and then solve for P eb to find the inverse supply function: Q eb = –1,116 + 300P eb Inverting, P eb = 3.72 + 0.0033Q eb Solution to 3: The slope of the supply curve is the coefficient on Q eb in the inverse supply function, which is 0.0033. <span><body><html>
Flashcard 1435026197772
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Parent (intermediate) annotation
Open itIf the supply curve is steeper than the demand curve, more of the surplus is being captured by producers. If the demand curve is steeper, consumers capture more of the surplus.
Original toplevel document
3.11. Total Surplus—Total Value minus Total Variable Costn they actually received. The total value to buyers was greater than the total variable cost to sellers. The difference between those two values is called total surplus , and it is made up of the sum of consumer surplus and producer surplus. <span>Note that the way the total surplus is divided between consumers and producers depends on the steepness of the demand and supply curves. If the supply curve is steeper than the demand curve, more of the surplus is being captured by producers. If the demand curve is steeper, consumers capture more of the surplus. In a fundamental sense, total surplus is a measure of society’s gain from the voluntary exchange of goods and services. Whenever total surplus increases, society gains. An
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Design Your Habits | Forte Labs Online
al skills of high performance in any area, allowing you to preserve your time, energy, and willpower. In this class, you will learn the best principles and tools for designing better habits and then use them to complete a hands-on project: <span>designing a sustainable daily habit to improve your productivity, creativity, health, or wellbeing. In my work with Forte Labs, I've helped thousands of people from organizations like Genentec
al skills of high performance in any area, allowing you to preserve your time, energy, and willpower. In this class, you will learn the best principles and tools for designing better habits and then use them to complete a hands-on project: <span>designing a sustainable daily habit to improve your productivity, creativity, health, or wellbeing. In my work with Forte Labs, I've helped thousands of people from organizations like Genentec
Flashcard 1435035897100
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Design Your Habits | Forte Labs Online
high performance in any area, allowing you to preserve your time, energy, and willpower. In this class, you will learn the best principles and tools for designing better habits and then use them to complete a hands-on project: designing a <span>sustainable daily habit to improve your productivity, creativity, health, or wellbeing. In my work with Forte Labs, I've helped thousands of people from organizations like Genentech, Toyota, and
high performance in any area, allowing you to preserve your time, energy, and willpower. In this class, you will learn the best principles and tools for designing better habits and then use them to complete a hands-on project: designing a <span>sustainable daily habit to improve your productivity, creativity, health, or wellbeing. In my work with Forte Labs, I've helped thousands of people from organizations like Genentech, Toyota, and
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Unknown title
Higher Learning for Higher Achievement <span>Carefully chosen courses, taught by nationally recognized professors, are at the core of our advanced degree programs. And, as a student interested in pursuing one of these challenging yet rewarding degrees, you’ll be pleased to know CSU-Pueblo offers so many options for graduate work. The mission of Graduate Studies is to promote and support academic excellence in graduate education and programs that prepare students for careers with impact to regional, state
Flashcard 1435053198604
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Parent (intermediate) annotation
Open itThe relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price results in an increase in total expenditure; if demand is inelastic, a reduction in price results in a decrease in total expenditure; if demand is unitary elastic, a change in price leaves total expenditure unchanged.</spa
Original toplevel document
SUMMARYood causes an increase in demand for the other good—are called complements. Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes. <span>The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price results in an increase in total expenditure; if demand is inelastic, a reduction in price results in a decrease in total expenditure; if demand is unitary elastic, a change in price leaves total expenditure unchanged. <span><body><html>