ECSENOMICS Appendix 14 Markets and Economic Efficiency McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Appendix 14 Markets and Economic Efficiency
ECSENOMICS Inputs. Production Outputs, and Consumption Form the Circular Flow of Economic Life T-106 Figure 14A-l Industry supply proportiona ty of Corn prico (marginal cost relative marginal utilins) Mec cal care good Rent cn cortland Surgeon-heurs Aircraft prices Supply of factors Derived demand nabor leisure choice, current proportionality of vs futuro consumpton marginal revert tand ownershp) products) actor mnr金et McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Inputs, Production, Outputs, and Consumption Form the Circular Flow of Economic Life T-106 Figure 14A-1
ECSENOMICS Efficient Allocations Are on the Utility-Possibility Frontier 1-107 Figure 14A-2 frontier B Utility or satisfaction of Smith McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Efficient Allocations Are on the Utility-Possibility Frontier T-107 Figure 14A-2