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Solutions for Chapter Module 49: Consumer and Producer Surplus

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

ISBN: 9781464122187

Solutions for Chapter Module 49: Consumer and Producer Surplus

This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Module 49: Consumer and Producer Surplus includes 5 full step-by-step solutions. Since 5 problems in chapter Module 49: Consumer and Producer Surplus have been answered, more than 10911 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • bond

    a certificate of indebtedness

  • budget surplus

    an excess of government receipts over government spending

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • efficient markets hypothesis

    the theory that asset prices reflect all publicly available information about the value of an asset

  • fixed costs

    costs that do not vary with the quantity of output produced

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • imports

    goods produced abroad and sold domestically

  • 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

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • marginal change

    a small incremental adjustment to a plan of action

  • marginal change

    a small incremental adjustment to a plan of action

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • nominal GDP

    the production of goods and services valued at current prices

  • price elasticity of demand

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

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • 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

  • profit

    total revenue minus total cost

  • 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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