TAILIEUCHUNG - Lecture Understanding economics (2nd edition): Chapter 7 - Mark Lovewell, Khoa Nguyen

Chapter 7 - Wages, rent, interest, and profit. In this chapter you will consider how businesses choose the profit-maximizing amount of a resource they use when they are price-takers in the product markets in which they sell their products; look at the case where businesses are price-makers in their product markets and analyze the factors that change resource demand and affect the price elasticity of resource demand;. | Understanding Economics Chapter 7 Wages, Rent, Interest, and Profit Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. 2nd Edition by Mark Lovewell and Khoa Nguyen Chapter Objectives (a) In this chapter you will: consider how businesses choose the profit-maximizing amount of a resource they use when they are price-takers in the product markets in which they sell their products Look at the case where businesses are price-makers in their product markets and analyze the factors that change resource demand and affect the price elasticity of resource demand Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Chapter Objectives (b) continued learn about the factors that affect wages, including productivity, education, experience, job conditions, regional disparities, market power, and discrimination look at the incomes from other resources—rent, interest, and profit Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Copyright © .

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