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Ebook Microeconomics principles, problems, and policies (19th edition): Part 2

(BQ) Part 2 book "Microeconomics principles, problems, and policies" has contents: Wage determination, the demand for resources, income inequality, poverty, and discrimination, health care, international trade, agriculture - economics and policy,.and other contents. | 09/09/10 9:45 PM user-f501 207/MHRL043/kno31619_disk1of1/0070131619/kno31619_pagefiles: Bonus Web Chapter mcc11447_ch11_216-246.indd Page 246 WEB 2 Explain how entrepreneurs and other innovators further technological advance. www.mcconnell19e.com 11 AFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO: 1 Differentiate between an invention, an innovation, and technological diffusion. 3 Summarize how a firm determines its optimal amount of research and development (R&D). 4 Relate why firms can benefit from their innovation even though rivals have an incentive to imitate it. 5 Discuss the role of market structure in promoting technological advance. 6 Show how technological advance enhances productive efficiency and allocative efficiency. Technology, R&D, and Efficiency Web Chapter 11 is a bonus chapter found at the book’s Web site, www.mcconnell19e.com. It extends the analysis of Part 3, “Microeconomics of Product Markets,” by examining such topics as invention, innovation, R&D decision making, and creative destruction. Your instructor may (or may not) assign all or part of this chapter. 246 7/19/10 4:16 PM user-f497 /Volumes/105/PHS00142/work/indd PART FOUR mcc11447_ch12_247-265.indd Page 247 12 THE DEMAND FOR RESOURCES 13 WAGE DETERMINATION 14 RENT, INTEREST, AND PROFIT 15 NATURAL RESOURCE AND ENERGY ECONOMICS MICROECONOMICS OF RESOURCE MARKETS mcc11447_ch12_247-265.indd Page 248 7/19/10 4:16 PM user-f497 /Volumes/105/PHS00142/work/indd AFTER READING THIS CHAPTER, YOU SHOULD BE 12 ABLE TO: 1 Explain the significance of resource pricing. 2 Convey how the marginal revenue productivity of a resource relates to a firm’s demand for that resource. 3 List the factors that increase or decrease resource demand. 4 Discuss the determinants of elasticity of resource demand. 5 Determine how a competitive firm selects its optimal combination of resources. The Demand for Resources When you finish your education, you probably will be looking for a .