×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter Module 53: Profit Maximization

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

ISBN: 9781464122187

Solutions for Chapter Module 53: Profit Maximization

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. Since 5 problems in chapter Module 53: Profit Maximization have been answered, more than 8308 students have viewed full step-by-step solutions from this chapter. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Module 53: Profit Maximization includes 5 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • compounding

    the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future

  • cost

    the value of everything a seller must give up to produce a good

  • diseconomies of scale

    the property whereby long-run average total cost rises as the quantity of output increases

  • externality

    the uncompensated impact of one person’s actions on the well-being of a bystander

  • finance

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

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • money

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

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • 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

  • national saving

    the total income in the economy that remains after paying for consumption and government purchases

  • nominal interest rate

    the interest rate as usually reported without a correction for the effects of inflation

  • real variables

    variables measured in physical units

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • sacrifice ratio

    the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

  • substitutes

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

  • sunk cost

    a cost that has already been committed and cannot be recovered

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password