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Textbooks > Business > Contemporary Economics 2

Contemporary Economics 2nd Edition - Solutions by Chapter

Full solutions for Contemporary Economics | 2nd Edition

ISBN: 9780538444958

Contemporary Economics | 2nd Edition - Solutions by Chapter

Since problems from 21 chapters in Contemporary Economics have been answered, more than 2773 students have viewed full step-by-step answer. Contemporary Economics was written by and is associated to the ISBN: 9780538444958. The full step-by-step solution to problem in Contemporary Economics were answered by , our top Business solution expert on 03/13/18, 03:45AM. This expansive textbook survival guide covers the following chapters: 21. This textbook survival guide was created for the textbook: Contemporary Economics, edition: 2.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • average total cost

    total cost divided by the quantity of output

  • constant returns to scale

    the property whereby long-run average total cost stays the same as the quantity of output changes

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • future value

    the amount of money in the future that an amount of money today will yield, given prevailing interest rates

  • game theory

    the study of how people behave in strategic situations

  • job search

    the process by which workers find appropriate jobs given their tastes and skills

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • net exports

    spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • random walk

    the path of a variable whose changes are impossible to predict

  • reserve ratio

    the fraction of deposits that banks hold as reserves

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • strike

    the organized withdrawal of labor from a firm by a union

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

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