×
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 D : Indifference Curves and Consumer Choice

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

ISBN: 9781464122187

Solutions for Chapter Module D : Indifference Curves and Consumer Choice

Since 5 problems in chapter Module D : Indifference Curves and Consumer Choice have been answered, more than 8188 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter Module D : Indifference Curves and Consumer Choice includes 5 full step-by-step 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.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • club goods

    goods that are excludable but not rival in consumption

  • complements

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

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • cross-price elasticity of demand

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

  • dominant strategy

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

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • fixed costs

    costs that do not vary with the quantity of output produced

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • leverage ratio

    the ratio of assets to bank capital

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • liquidity

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

  • marginal cost

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

  • 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

  • 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

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • variable costs

    costs that vary with the quantity of output produced

×
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