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Solutions for Chapter Section 2: Supply and Demand

Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition

ISBN: 9781464122187

Solutions for Chapter Section 2: Supply and Demand

Solutions for Chapter Section 2
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Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
ISBN: 9781464122187

Chapter Section 2: Supply and Demand includes 25 full step-by-step solutions. Since 25 problems in chapter Section 2: Supply and Demand have been answered, more than 8215 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2.

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

    total revenue divided by the quantity sold

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • budget surplus

    an excess of government receipts over government spending

  • central bank

    an institution designed to oversee the banking system and regulate the quantity of money in the economy

  • explicit costs

    input costs that require an outlay of money by the firm

  • exports

    goods produced domestically and sold abroad

  • finance

    the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk

  • fundamental analysis

    the study of a company’s accounting statements and future prospects to determine its value

  • human capital

    the accumulation of investments in people, such as education and on-the-job training

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • inflation

    an increase in the overall level of prices in the economy

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • market

    a group of buyers and sellers of a particular good or service

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • tariff

    tax on goods produced abroad and sold domestically

  • unit of account

    the yardstick people use to post prices and record debts

  • utility

    a measure of happiness or satisfaction

  • value of the marginal product

    the marginal product of an input times the price of the output

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