Economics - The Basics by Frederic S. Mishkin

By Frederic S. Mishkin

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Check, if you wish, the TR and TCs at each output level and you will find the greatest difference between the two occurs at 7 units. The quickest way to find this profit maximising output, however, is simply to compare MCs and MRs. At output 7, MC equals 52, just short of MR at 60. That is, the cost of the seventh unit is less than the revenue it earns and so it is worthwhile producing it. 3 Total, average and marginal revenue. 3 Short-run profit maximisation for a competitive producer. 78 – much higher than the MR of 60.

2 illustrates all the options open to one consumer. Summarising, we can say that a price fall of any one good that features in an individual’s regular shopping list represents not only the opportunity to increase purchases of that good itself but also, since it represents a marginal change in REAL INCOME, it opens the opportunity to alter purchases of other goods as well. The more a certain good takes up an important slice of a person’s budget, however, the more its price change will affect that individual’s overall pattern of purchases.

For oil, more may be pumped out of the existing wells and refineries. More cars can roll off the assembly line. In the case of coffee, if all existing stocks are already committed, consumers will have to wait until the next harvest. 11). The dividing line between the short term and long term is a matter of judgement. The short term usually refers to the increase in supplies that can be gained by relying on existing resources and working them harder; the longer term tends to imply employing more factors of production.

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