New PDF release: Microeconomics (SparkCharts)

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SparkChartsTM—created via Harvard scholars for college kids everywhere—serve as research partners and reference instruments that disguise a variety of university and graduate institution matters, together with enterprise, desktop Programming, medication, legislations, overseas Language, Humanities, and technological know-how. Titles like the right way to research, Microsoft note for home windows, Microsoft Powerpoint for home windows, and HTML provide you with what it takes to discover good fortune at school and past. Outlines and summaries disguise key issues, whereas diagrams and tables make tough options more uncomplicated to digest.

This four-page chart covers:

Definition of economics
Supply, call for, and marketplace equilibrium
Consumer behavior
Elasticity
Firm habit, festival, and value curves
Labor market
Public welfare
Market inefficiency
Imperfect festival

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Extra resources for Microeconomics (SparkCharts)

Example text

The data sources are primary data for the pulp and paper industry gathered by Statistics Sweden and the Swedish Environmental Protection Board. The part used here contains annual information from 41 pulp mills for the period 1986-90. It includes information on quantities, both Static Production Structure 35 in physical and monetary terms, of sulphate pulp, sulphite pulp and mechanical pulp. Data on emissions of BOD, COD and suspended solids as well as factor inputs of labor, capital, electricity and materials (fibre), both in physical and monetary terms are also provided.

These are extremely useful representations of technology in their own right and very useful in the construction of indexes. In fact the distance functions themselves may be thought of as indexes (or aggregator functions). 1, in keeping with our axiomatic approach, we introduce the distance functions and show which properties they inherit from the parent technologies introduced in Chapter 2. Next we turn to the general definition of productivity as an index consisting of the ratio of output to input.

Our next task is to look inside the box and to think of it as consisting of subtechnologies or subprocesses. The subtechnologies are connected in a network to form the overall frontier or reference technology. Looking at production as a series of subprocesses allows us to explicitly model intermediate inputs or products. The type of model introduced here will serve as the basis for our vintage technologies and our dynamic models. To keep things simple and fairly concrete, we restrict our network to include only three subtechnologies.

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