Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN #9781947172449
2nd Edition
707 Questions
Homework Questions
Principles of Microeconomics for AP® Courses offers a concise yet thorough exploration of core economic concepts, beginning with the impact of scarcity on decision-making and advancing through the intricacies of market dynamics. The book systematically examines how supply and demand, labor and financial markets, elasticity, and various market structures—ranging from perfect competition to monopoly—form the backbone of economic analysis. It also integrates discussions on externalities, public goods, poverty, and globalization, thereby highlighting the role of government interventions and policy debates in shaping economic outcomes. By leveraging models, quantitative methods, and practical examples, the text equips students with essential analytical tools to navigate both personal finance choices and broader societal economic challenges.
Chapter 1
Welcome to Economic
Chapter 2
Choice in a World of Scarcity
Chapter 3
Demand and Supply
Chapter 4
Labor and Financial Markets
Chapter 5
Elasticity
Chapter 6
Consumer Choices
Chapter 7
Production, Costs and Industry Structure
Chapter 8
Perfect Competition
Chapter 9
Monopoly
Chapter 10
Monopolistic Competition and Oligopoly
Chapter 11
Monopoly and Antitrust Policy
Chapter 12
Environmental Protection and Negative Externalities
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Chapter 13
Positive Externalities and Public Goods
Chapter 14
Poverty and Economic Inequality
Chapter 15
Labor Markets and Income
Chapter 16
Information, Risk, and Insurance
Chapter 17
Financial Markets
Chapter 18
Public Economy
Chapter 19
International Trade
Chapter 20
Globalization and Protectionism
Problem 1
Explain all the reasons why a decrease in a product's price would lead to an increase in purchases.
Daniel Cisneros Numerade Educator
Problem 2
Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare with the same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education?
Mihir Nayar Numerade Educator
Problem 3
What is scarcity? Can you think of two causes of scarcity?
Manzoor Malik Numerade Educator
Problem 4
In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. a. There have recently been some important cost-saving inventions in the technology for making paint. b. Paint is lasting longer, so that property owners need not repaint as often. c. Because of severe hailstorms, many people need to repaint now. d. The hailstorms damaged several factories that make paint, forcing them to close down for several months.
Jiapeng Guo Numerade Educator
Problem 5
Review Figure $3.4 .$ Suppose the price of gasoline is $\$ 1.60$ per gallon. Is the quanded higher or lower than at the equilibrium price of $\$ 1.40$ per gallon? What about the quantity supplied? Is there a shore a shorplus in the market? If so, how much?
Problem 6
The WipeOut Ski Company manufactures skis for beginners. Fixed costs are $\$ 30 .$ Fill in Table 7.16 for total cost, average variable cost, average total cost, and marginal cost.
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