Isovalue Lines

Isovalue Lines

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. In microeconomics, isovalue lines define a relationship between the production of two products in which the total market value is constant. For example: In a market that produces bread and wine, the market is willing to trade one bottle of wine for three breads. If this relationship is constant, we would have an isovalue line (in a graph with bread as x and wine as y) that sloped less than 45 downward. The exact slope could be derived from wine/bread, in this case -1/3.One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition.show more

Product details

  • Paperback | 52 pages
  • 152 x 229 x 3mm | 91g
  • Psychopublishing
  • United States
  • English
  • black & white illustrations
  • 6136214857
  • 9786136214856