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View larger. Preview this title online. Request a copy. Download instructor resources. Additional order info. Buy this product. Buy an eText. Readers of Principles of Microeconomics, Twelfth Edition come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly.
With the latest research and added exercises, students begin to learn the art and science of economic thinking and start to look at some policy and even personal decisions in a different way. MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.
Part I: Introduction To Economics. Important: To use the test banks below, you must download the TestGen software from the TestGen website. If you need help getting started, read the tutorials on the TestGen site. Unbound Saleable. Access Card Package. Karl E. Case is Professor of Economics Emeritus at Wellesley College where he has taught for 34 years and served several tours of duty as Department Chair.
Professor Case received his B. He is author or coauthor of five books, including Principles of Economics, Economics and Tax Policy, and Property Taxation: The Need for Reform, and he has published numerous articles in professional journals. For the last 25 years, his research has focused on real estate markets and prices. He has authored numerous professional articles, many of which attempt to isolate the causes and consequences of boom and bust cycles and their relationship to regional and national economic performance.
Ray C. Fair is Professor of Economics at Yale University. He received a B. He taught at Princeton University from to and has been at Yale since He also has done work in the areas of finance, voting behavior, and aging in sports.
Professor Fair has taught introductory and intermediate macroeconomics at Yale. He has also taught graduate courses in macroeconomic theory and macroeconometrics. Sharon M. Professor Oster joined Case and Fair as a coauthor in the ninth edition of this book. Professor Oster has a B. She has worked on problems of diffusion of innovation in a number of different industries, on the effect of regulations on business, and on competitive strategy. She has published a number of articles in these areas and is the author of several books, including Modern Competitive Analysis and The Strategic Management of Nonprofits.
In the department, Professor Oster taught introductory and intermediate microeconomics to undergraduates as well as several graduate courses in industrial organization. Since , Professor Oster has taught primarily in the Management School, where she teaches the core microeconomics class for MBA students and a course in the area of competitive strategy.
Professor Oster also consults widely for businesses and nonprofit organizations and has served on the boards of several publicly traded companies and nonprofit organizations. Paper Bound with Access Card. We're sorry! We don't recognize your username or password. Please try again. The work is protected by local and international copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning.
You have successfully signed out and will be required to sign back in should you need to download more resources. Principles of Microeconomics, 12th Edition. Fair, Yale University Sharon E. Oster, Yale University. Description For the one-semester course in Principles of Microeconomics. Personalize Learning with MyEconLab MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results.
Animated graphs in MyEconLab accompany many of the key graphs and figures in the text, helping students better understand how to analyze and work with graphs.
More dynamic than graphs on a printed page, they help students understand shifts in curves, movements along curves, and changes in equilibrium values. Generate class discussion, guide your lecture, and promote peer-to-peer learning with real-time analytics.
Instructors, you can: Pose a variety of questions that help your students develop critical thinking skills Monitor responses to find out where students are struggling Use real-time data to adjust your instructional strategy and try other ways of engaging your students during class Manage student interactions by automatically grouping students for discussion, teamwork, and peer-to-peer learning Digital Interactives are designed to change how students learn core economic concepts.
Organized in progressive levels, each focusing on a core learning outcome, Digital Interactives immerse students in a fundamental economic principle, helping them to learn actively. Digital Interactives are designed for use in traditional, online, and hybrid courses, and many incorporate real-time data, as well as data display and analysis tools.
Each of these is available as a lecture tool for classroom presentation and are assignable with assessment questions for grading.
Dynamic Study Modules help students study effectively on their own by continuously assessing their activity and performance in real time. Here's how it works: students complete a set of questions with a unique answer format that also asks them to indicate their confidence level.
Questions repeat until the student can answer them all correctly and confidently. Once completed, Dynamic Study Modules explain the concept using materials from the text. These are available as graded assignments prior to class, and accessible on smartphones, tablets, and computers. Math Review Exercises. MyEconLab now offers a rich array of assignable and auto-graded exercises covering fundamental math concepts geared specifically to principles of and intermediate economics students.
Aimed at increasing student confidence and success, our new math skills review Chapter R is accessible from the assignment manager and contains over graphing, algebra, and calculus exercises for homework, quiz, and test use. Offering economics students warm-up math assignments, math remediation, or math exercises as part of any content assignment has never been easier! Students can display a pop-up graph that shows new data plotted in the graph, to better understand how to work with data and understand how including new data affects graphs.
The end-of-chapter problems in select chapters include Real-Time Data Exercises that use the latest data from FRED to help students become familiar with this key data source, learn how to locate data, and develop skills in interpreting data. Current News Exercises. Every week, current Microeconomic and Macroeconomic news stories, with accompanying exercises, are posted to MyEconLab. Assignable and auto-graded, these multi-part exercises ask students to recognize and apply economic concepts to real-world events.
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The worked examples bring learning to life, and algorithmic practice allows students to apply the very concepts they are reading about. Combining resources that illuminate content with accessible self-assessment, MyEconLab with Enhanced eText provides students with a complete digital learning experience—all in one place.
Experiments are a fun and engaging way to promote active learning and mastery of important economic concepts.
Single-player experiments allow your students to play against virtual players from anywhere at any time so long as they have an Internet connection. Multiplayer experiments allow you to assign and manage a real-time experiment with your class.
Pre- and post-questions for each experiment are available for assignment in MyEconLab. Question Help. MyEconLab's homework and practice questions are correlated to the textbook; they generate algorithmically to give students unlimited opportunity for practice and mastery, and offer helpful feedback when students enter incorrect answers.
Questions include guided solutions and other multimedia assets for extra help at point-of-use. Figure Animations. Key textbook figures are accompanied by a step-by-step animation, with audio, to help students learn the intuition behind reading and interpreting graphs. These animations may be used for review, or as an instructional aid in the classroom. For each major figure, a graph drawing exercise accompanies the step-by-step animation.
The student builds and interprets the key diagrams and develops understanding by working a multiple choice question about the figure. Reporting Dashboard. View, analyze, and report learning outcomes clearly and easily, and get the information you need to keep your students on track throughout the course, with the new Reporting Dashboard. Available via the Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner.
Students can also continue to upload images such as phone-photos of handwritten work. Chapter 3 uses behavioral economics to ask whether having unusually sunny weather increases consumer purchases of convertible cars. Chapter 6 looks at data from Indian reservations to trace out the incidence of excise taxes.
Chapter 7 describes how Uber drivers differ from regular cab drivers. Chapter 15 describes a recent paper that asks how much value does an increased variety in shoe selection produce for consumers? Chapter 22 brand new contains three boxes that examine the Moving to Opportunity program, birth weight and infant mortality, and the effects of minimum wage.
Chapter 8 uses the example of a Taylor Swift concert to explain fixed versus variable costs. Chapter 16 looks at how firms use carbon prices to motivate managers to be more conscious in their investment decisions about the environment.
Clear Microeconomics Organization and Coverage Introduction of a competitive market model first, followed by noncompetitive market structures gives students a clear understanding of basic economic theory and how market opportunities operate.
Begins with discussion of output markets goods and services and input markets land, labor, and capital , and the connections between them, before turning to monopolies and oligopolies. Includes discussion of how a simple, perfectly competitive market system produces and distributes goods and services Chapters 6 through Chapter 12 links simple, perfectly competitive markets with a discussion of market imperfections and the role of government.
Graph theory and its applications
Answers will vary, but should include: a the value of alternative uses of time studying for final exams, other forms of leisure b the value of alternative uses of time other forms of leisure or exercise c the value of other goods and services that the government could have purchased with the money used to purchase the land for the sanctuary, or the value of the goods and services that taxpayers could have purchased with the tax revenue used to purchase the sanctuary d the value of the goods and services that the government could have purchased with the money used to subsidize the airline.
To be efficient, an economy must produce what people want. This means that in addition to operating on the ppf resources are fully employed, best technology is being used , the economy must be operating at the right point on the ppf. Benefits of the new bridge include reduced travel time for shoppers and commuting time for workers, increased sales tax revenues for Mallsburg, and gains for shopkeepers located in the main mall.
There may be other quality of life costs and benefits that are difficult to sort out without more information. The bridge may have environmental effects that could be positive less pollution from idling traffic or negative depending on where and how the bridge is constructed.
Also, there may be effects on the look and lifestyle of the town. A bridge through the center of the town is likely to affect daily living in any number of ways. Beyond the costs and benefits, there is always the question of distribution. Is the income tax system of Mallsburg equitable? Are the shopkeepers likely to lose more than those likely to gain? Economists would typically argue for governments to undertake projects whose costs exceed their benefits, and then address any concerns about income distribution separately.
To the extent these concerns are not addressed, however, you might consider writing about the income distribution effects of the new bridge. Alexi has a comparative advantage in street tacos. Tony: 1, street tacos and Cuban sandwiches. To the extent that this income will need to be replaced to finance her education, Sherice substitutes future work for present consumption of leisure. Presumably, the present sacrifice yields a future benefit of better health and more enjoyment of leisure activities.
By reducing resources available for consumption today, more resources will be available for Mei in the future since repair costs will be lower and breakdowns less frequent. Included in the potential cost of this behavior are the monetary, criminal, or psychological penalties remorse or direct concern about the welfare of others that Jim will pay if others are harmed. Scorpius moves out of blueberries into granite. Orion trades 1, tons of granite to Scorpius for 3, bushels of blueberries.
Both countries move beyond their individual ppfs. The opportunity cost of the first 12 million yards of carpet is 3 thousand looms; of the next 15 million yards, 4 looms; and so on.
Thus, the production possibilities curve will shift out horizontally to the right. The horizontal intercept maximum possible loom production will remain unchanged, but the horizontal intercept maximum possible carpet production will increase. After the introduction of the new technology, production of 27 thousand looms leaves enough resources to produce 54 million yards of carpet. As stated in the Economics in Practice feature, producing a meal takes two basic ingredients: food and time.
For individuals who work, the opportunity cost of time for preparing meals is high. For retired individuals, the opportunity cost of time shopping and preparing meals is lower. More time spent shopping for bargains will mean that retired individuals are likely to pay less for the same bundle of goods as individuals who work. Every time she details one car, she gives up the chance to wash three cars since washing a car takes 20 minutes and detailing a car takes. Clearly, when Betty Lou takes on car detailing, she has not been paying attention to the opportunity cost of her time when washing cars.
She should either raise the price of car detailing we will talk more about price in a later chapter , or concentrate on washing cars. This opportunity cost would be the highestvalued alternative that you must give up to attend each game. Compared to larger cities and to towns that are geographically closer to larger cities, these towns in West Texas have relatively few entertainment options, so household choice is limited.
With high school football being one of the few entertainment choices for the residents of these towns, its popularity is quite large. Billabong experiences increasing opportunity costs because for every surfboard it produces, it must give up an increasing number of kayaks. When Billabong moves from production alternative A to production alternative B, it gives up 4, kayaks to gain 20, surfboards.
When it moves from alternative B to alternative C, it must give up 6, kayaks to gain 20, surfboards. From alternative C to D, 8, kayaks are given up for 20, surfboards, and from D to E, 10, kayaks are given up for 20, surfboards. For each additional 20, surfboards Billabong gains, the amount of kayaks that must be given up increases.
The increasing opportunity costs are shown on the graph with the concave production possibilities curve. This will shift the production possibilities curve up and to the right. A command economy is one in which the basic economic questions are answered by a central government. Through a combination of government ownership of state enterprises and central planning, the government, either directly or indirectly, sets output targets, incomes, and prices. A laissez-faire economy is one in which individual people and firms pursue their own self-interest, without any central direction or regulation.
A laissez-faire economy implies a complete lack of government involvement, and the central institution through which the basic economic questions are answered is the market, where buyers and sellers interact and engage in exchange. No pure forms of either system exist in the world. In economies where the government plays a major role, individual enterprise sill exists and independent choice is still exercised, and no market economies exist without some form of government involvement and government regulation.
These are the limits of production if all resources are used to produce only one good. Y 1, Luxury. With only one factor, the possibility of inefficient production means that workers are not using the best available technology to produce one or both goods.
To move from inside the ppf to a point on the ppf, the economy would need to move to full employment or to adopt the most efficient production technology. Although this part does not address distribution, if too few necessities are produced, some people will not have enough necessities under any distribution scheme. Scarcity, Choice, and Opportunity Cost p. Economic Systems and the Role of Government p.
Looking Ahead p. Introduction, pages 22—23 This chapter explores the questions of what, how, and for whom to produce. Human wants are unlimited, but resources are not. This creates scarcity. Scarcity, in turn, forces us to make choices.
The chapter stresses positive and descriptive economics, postponing normative questions until the students have acquired analytical tools. Resources, used in its broadest sense, includes everything from natural resources timber, minerals, energy , capital buildings, machines , labor human capital , and entrepreneurship. Resources are also called factors of production, inputs, or simply factors. Output is what is produced, goods and services of value to households. Capital includes things that are produced and then used in the production of other goods and services.
As used by economists, capital means physical capital, including buildings and machines. Factors of production factors are the inputs into the process of production.
Another term for resources. Inputs or resources include anything provided by nature or previous generations that can be used directly or indirectly to satisfy human wants. In the national income accounts, the distinction is simple: Anything that firms expect to use for more than one year is capital. Examples include a computer, office furniture, or an assembly line. If firms expect to use something for less than one year, it is an intermediate good.
For example, quick-release bolts are common in bicycles. Because the bicycle maker expects to use many of these bolts within a year they are intermediate goods, not capital goods. Even though they are goods used to make another good, they are not capital. Think of them as parts instead. This is especially useful for those teaching macroeconomics. Scarcity, Choice, and Opportunity Cost, pages 23—35 Learning Objective: Understand why even in a society in which one person is better than a second at all tasks, it is still beneficial for the two to specialize and trade.
Bill must make choices about how to allocate resources, what to produce, and how to produce it. Other constraints are his physical condition, his knowledge and skills, and the resources and climate of the island.
Bill must decide what goods and services he wants to produce, what he is able to produce, and how to use the resources to produce what he wants. Discourage your students from using the word "needs.
First, "needs" is value-loaded, implying that the product in question is a necessity, possibly with a vertical demand curve. Second, "needs" may encourage students to ignore price rationing. Students will come up with things like building a fire, primitive construction, and being able to tell which berries are not poisonous.
More subtle answers might include weather forecasting and knowledge of airline and shipping routes. As the text notes, Bill can use as much time as he wants to lie on the beach.
However, the cost of that leisure time is lost production. Opportunity cost is the best alternative that we give up, or forgo, when we make a choice or decision.
If Bill spends more time hunting he will have less time to build shelter. Similarly, time he spends on the beach also has an opportunity cost. But the idea of opportunity cost makes a deep impression on students. They often find it valuable in their personal lives and remember it long after class is over. Remind students that opportunity cost is relevant to societal as well as individual choices.
A pristine environment? Completely safe streets? Point out that achieving the goal requires resources, which must be pulled out of producing something else. Public policy debates suffer when opportunity cost is ignored or calculated incorrectly.