Principles of Economics 2e

2nd Edition

ISBN: 9781947172364

Author: Steven A. Greenlaw; David Shapiro

Publisher: OpenStax

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Concept explainers

Marginal Rate of Technical Substitution

MRTS reaches a manufacturer when a part of the product is lowered to sustain the manufacturing level when the other part is extended. It is the level of the quantity that is lowered when one extra volume is used, and the output is unchanged.

Preferences and Utility Analysis

Before understanding what is preference and utility analysis, it is very important to understand the terms preference and utility separately.

Textbook Question

Chapter B, Problem 2RQ

Exercise B2

Why do indifference curves slope down?

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Chapter B, Problem 1RQ

Chapter B, Problem 3RQ

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Chapter B Solutions

Principles of Economics 2e

Ch. B - Exercise B1 What point is preferred along an...Ch. B - Exercise B2 Why do indifference curves slope down?Ch. B - Exercise B3 Why are indifference curves sleep on...Ch. B - Exercise B4 How many indifference curves does a...Ch. B - Exercise B5 How can you tell which indifference...Ch. B - Exercise B6 What is a substitution effect?Ch. B - Exercise B7 What is an income effect?Ch. B - Exercise B8 Does the income effect involve a...Ch. B - Exercise B9 Does a change in price both an income...Ch. B - Exercise B10 Would you expect, in some cases, to...

Ch. B - Exercise B11 Which is larger, the income effect or...

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