112

5.2 Polar Cases of Elasticity and Constant Elasticity

117

5.3 Elasticity and Pricing

120

5.4 Elasticity in Areas Other Than Price

128

Key Terms

132

Key Concepts and Summary

132

Self-Check Questions

133

Review Questions

134

Critical Thinking Questions

135

Problems

135

CHAPTER 6
Consumer Choices
Introduction to Consumer Choices

6.1 Consumption Choices

138

137

137

6.2 How Changes in Income and Prices Affect Consumption Choices

145

6.3 Behavioral Economics: An Alternative Framework for Consumer Choice

151

Key Terms

154

Key Concepts and Summary

154

Self-Check Questions

155

Review Questions

155

Critical Thinking Questions

156

Problems

156

CHAPTER 7
Production, Costs, and Industry Structure
Introduction to Production, Costs, and Industry Structure

157

157

7.1 Explicit and Implicit Costs, and Accounting and Economic Profit

159

7.2 Production in the Short Run

161

7.3 Costs in the Short Run

165

7.4 Production in the Long Run

172
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