CONSUMER CHOICE 5.0: Introduction In this unit‚ we shall concentrates on a consumer by looking at the behaviour of a consumer in exclusion from both other consumers and producers. Recall that a consumer is one who uses goods and services to satisfy her wants. She is assumed to be rational meaning that he aims at utility maximization; given her income and commodity prices. There are several theories that have been developed to try and explain the behaviour of a consumer. However‚ they can be
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capacity and its importance (c) Describe natality and mortality and their effects on the rate of population growth Learning outcomes : 13.1 Population Growth (d) Explain population growth curves (state the basic forms of growth curves) i. Exponential growth curve (human) ii. Logistic growth curve (Paramecium sp.) (e) Explain the limiting factors affecting the population size : i. Density dependent factors ii. Density independent factors Population Ecology • The study of variables
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market. (Qd = quantity demanded) Demand Curve Shifters * The demand curve shows how price affects quantity demanded‚ other things being equal. * These “other things” are non-price determinants of demand (i.e.‚ things that determine buyers’ demand for a good‚ other than the good’s price). * Changes in them shift the D curve… 1. # of Buyers * Increase in # of buyers increases quantity demanded at each price‚ shifts D curve to the right. 2. Income * Demand for
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©2009 Worth Publishers WHAT YOU WILL LEARN IN THIS CHAPTER What a competitive market is and how it is described by the supply and demand model What the demand curve and supply curve are The difference between movements along a curve and shifts of a curve How the supply and demand curves determine a market’s equilibrium price and equilibrium quantity In the case of a shortage or surplus‚ how price moves the market back to equilibrium 2 of 42 Supply and Demand
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Costs The Symmetry Between Production and Costs Total Product and Total Cost Curves Geometry of Average and Marginal Costs Curves Average Physical Product and Average Variable Costs Marginal Physical Product and Marginal Cost Costs in the Long Run Isocost Lines Cost Minimization The Expansion Path and the Long Run Total Cost Curve Average Cost and Marginal Cost in the Long Run Returns to Scale and the Long Run AC Curve Minimum Efficient Scale Technological Changes and Costs Technological Advance
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Mathematical Investigation: VON KOCH’S SNOWFLAKE CURVE Ha Yeon Lee 11B Mathematics HL • Introduction: ➢ History of Von Koch’s Snowflake Curve The Koch snowflake is a mathematical curve‚ which is believed to be one of the earliest fractal curves with description. In 1904‚ a Swedish mathematician‚ Helge von Koch introduced the construction of the Koch curve on his paper called‚ “On a continuous curve without tangents‚ constructible from elementary geometry”
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run the costs are generally represented by a U- shaped curve that is always intersected at its minimum point by the rising MC curve. Average variable cost (AVC) equals variable cost divided by output‚ or AVC: VC/q. It is important to understand the link between average cost and marginal cost. The three rules: 1. When marginal cost is below average cost‚ it is pulling average cost down. 2. When MC is above AC‚ AC is been pulled by MC curve. 3. When MC just equals AC‚ AC is constant. AT the
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increase output‚ and the effects of these policies on the economy. The AD/AS model shows the combinations of both the aggregate demand curve and the aggregate supply curve. The aggregate demand curve shows the combinations of the price level and level of output at which both the money market and good market are in equilibrium‚ while the aggregate supply curve shows for each given price level the amount of out of output the firms are willing to supply. As mentioned in the 10th edition of macroeconomics
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MCQ’s 1) According to the Law of Demand‚ the demand curve for a good will A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward. Answer: C 2) An increase in the price of pork will lead to A) a movement up along the demand curve. B) a movement down along the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve. Answer: A 3) An increase in consumer incomes will lead
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Leadership or Dominant Firm Model I think this model is easiest to learn diagrammatically‚ and then mathematically. Here is the graph and then an explanation of what is happening: Notice first the total market demand curve for the industry as a whole. Then notice the marginal cost curve for the competitive fringe of firms. This is a model in which there is one firm which is dominant and then a fringe of small firms who are so small that they behave like perfectly competitive firms – they take the
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