By Hal R. Varian
Unequalled in its specified mixture of analytical rigor and accessibility, Intermediate Microeconomics: a latest Approach has garnered one of many broadest adoption lists out there. Now showing in its 6th version, Professor Varian's hallmark textual content is healthier than ever, that includes new remedies of online game conception and aggressive approach, and a number of new illustrative examples. smooth, authoritative, and specially crafted through a good instructor and pupil, Intermediate Microeconomics, 6th version will extend your students' analytic powers and improve their figuring out of microeconomics.
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Extra info for Intermediate Microeconomics: A Modern Approach (7th Edition)
If we asked him to choose his most preferred bundle, he would have quite a problem, for whatever bundle he chose, there would always be one that was preferred to it. If we are to have a theory where people are making "best" choices, preferences must satisfy the transitivity axiom or something very much like it. If preferences were not transitive there could well be a set of bundles for which there is no best choice. 3 Indifference Curves It turns out that the whole theory of consumer choice can be formulated in terms of preferences that satisfy the three axioms described above, plus a few more technical assumptions.
Just as the demand curve measures the number of apartments that will be demanded at different prices, the supply curve measures the number of apartments that will be supplied at different prices. 18 THE MARKET (Ch. 1) The final determination of the market price for apartments will depend on the interaction of supply and demand. And what is it that determines the supply behavior? In general, the number of new apartments that will be supplied by the private market will depend on how profitable it is to provide apartments, which depends, in part, on the price that landlords can charge for apartments.
Suppose now that the condominium purchasers were all inner-ring people, but that each condominium was constructed from two apartments. What would happen to the price of apartments? 6. What do you suppose the effect of a tax would be on the number of apartments that would be built in the long run? 7. Suppose the demand curve is D(p) = 100 - 2p. What price would the monopolist set if he had 60 apartments? How many would he rent? What price would he set if he had 40 apartments? How many would he rent?
Intermediate Microeconomics: A Modern Approach (7th Edition) by Hal R. Varian