The percentage change in the real minimum wage is therefore CHAPTER 3 CONSUMER BEHAVIOR TEACHING NOTES Chapter 3 builds the foundation to derive the demand curve in Chapter 4. In order to understand demand theory, students must have a firm grasp of indifference curves, the marginal rate of ...
Kati's Kites is a profit-maximizing firm in a competitive market. a) Draw a graph of Kati's firm next to a graph for the competitive market, assuming the market is in long-run equilibrium. b) Now as Compare and contrast ...