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Economics 3.05

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Economics
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Microeconomics
Marginal concepts
Pricing
marketing
economics
Marginal cost
Economic graph
Nike, Inc.
Shoe
Price
Marginal revenue
Attachment theory

What product market did you choose for this data to represent? Explain why. I chose Nike Free Runs because they can reach pretty high prices are a popular type of shoes. At which price and quantity does marginal cost nearly equal marginal revenue without exceeding it? Highlight this point on your graph. Between a quantity of 5 & 6 pairs of shoes at $160. If you were in business for this product, at which price and quantity level would you sell? Explain why. I would sell the shoes for $160 and a quantity of 5 pairs because it?s when I can maximize my profit.
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Krugman AP Macro Economics Chapter 8

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Economics
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Pricing
economics
Business
marketing
Price ceiling
Price floor
Economic shortage
Economic equilibrium
Supply and demand
Price controls
Economic surplus
Price
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
Human behavior
Portable Document Format
Attachment theory
Technology

?? Chapter 8: Supply and Demand: Price Controls (Ceilings and Floors) Price controls: legal restrictions on how high or low a market price may go, government action in economy price ceiling: a maximum price sellers are allowed to charge for a good or service price floor: a minimum price buyers are required to pay for a good or service. Assumption: the markets in question are efficient before price controls are imposed price controls in inefficient markets don?t necessarily cause problems and can potentially move the market closer to efficiency Price Ceilings ? Push Prices down Price Ceiling: suppliers have less incentive to offer apartments less of a good are produced Consumer have higher demand shortage of good

Krugman AP Macro Economics Chapter 6

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Economics
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economics
Pricing
Terminology
demand
Consumer theory
Supply and demand
Economic equilibrium
supply
Demand curve
Economic surplus
Market clearing
Price
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
Human behavior
Portable Document Format
Attachment theory
Technology
Business

?? Chapter 6: Supply and Demand: Supply and Equilibrium ? quantity supplied actual amount of a good or service producers are willing to sell at some specific price the quantity that producers are willing to produce and sell depends on the price they are offered supply schedule shows how much of a good or service producers will supply at different prices works same as the demand schedule -,-l supply curve shows the relationship between quantity supplied and price law of supply says that, other things being equal, the price and quantity supplied of a good are positively related if price goes up, production of a good (quantity) goes up supply curves slope upward: the higher the price being offered, the more of any good or service producers are
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