Uses a problem solving framework to provide students with the means for acquiring the necessary skills in the application of economic theory. Enables them to understand that economic theory does describe authentic relationships by actual people in the existing world.
Price Determination Versus Price Discovery.
Correcting for Inflation--The Use of Index Numbers.
Price Movements Over Time--Analysis of Trends.
Simple Linear Regression and the Estimation of Trends.
Price Movements Over Time--Cycles.
Measuring Cycles.
Price Movements Over Time--Seasonality.
Supply-Demand Relationships--Supply.
Supply-Demand Relationships--Demand.
Demand and Elasticity.
Estimation of Demand and Supply--Multiple Graphic Correlation.
Estimation of Demand and Supply--Regression Revisited.
Marketing Margins.
Market Structure--Pure Competition.
Market Structure--Monopoly and Monopsony.
Market Structure--Oligopoly and Oligopsony.
Index.
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