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Solutions for Chapter 12: Production and Growth

Principles of Macroeconomics | 6th Edition | ISBN: 9780538453066 | Authors: N. Gregory Mankiw

Full solutions for Principles of Macroeconomics | 6th Edition

ISBN: 9780538453066

Principles of Macroeconomics | 6th Edition | ISBN: 9780538453066 | Authors: N. Gregory Mankiw

Solutions for Chapter 12: Production and Growth

Since 10 problems in chapter 12: Production and Growth have been answered, more than 3683 students have viewed full step-by-step solutions from this chapter. Chapter 12: Production and Growth includes 10 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Macroeconomics, edition: 6. Principles of Macroeconomics was written by and is associated to the ISBN: 9780538453066. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • average variable cost

    variable cost divided by the quantity of output

  • club goods

    goods that are excludable but not rival in consumption

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • 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

  • diseconomies of scale

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

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • Fisher effect

    the one-for-one adjustment of the nominal interest rate to the inflation rate

  • inferior good

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

  • internalizing the externality

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

  • 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

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • nominal variables

    variables measured in monetary units

  • normal good

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

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • private saving

    the income that households have left after paying for taxes and consumption

  • profit

    total revenue minus total cost

  • risk aversion

    a dislike of uncertainty

  • strike

    the organized withdrawal of labor from a firm by a union

  • trade deficit

    an excess of imports over exports

  • unit of account

    the yardstick people use to post prices and record debts

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