Download PDF by N. Gregory Mankiw: Principles of Microeconomics, 2nd edition

By N. Gregory Mankiw

ISBN-10: 0030293162

ISBN-13: 9780030293160

In scripting this textbook, Mankiw has attempted to place himself within the place of somebody seeing economics for the 1st time. The author's conversational writing sort is great for proposing the politics and technology of financial theories to tomorrow's decision-makers. simply because Mankiw wrote it for the scholars, the booklet stands proud between all different precept texts by way of exciting scholars to use an fiscal state of mind of their day-by-day lives. Receiving such compliment as "perhaps the easiest ever" textbook in fiscal rules, it truly is no ask yourself Mankiw's prize venture has speedy develop into some of the most winning books ever to be released within the collage industry.

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Extra resources for Principles of Microeconomics, 2nd edition

Example text

APPENDIX GRAPHING: A BRIEF REVIEW Many of the concepts that economists study can be expressed with numbers—the price of bananas, the quantity of bananas sold, the cost of growing bananas, and so on. Often these economic variables are related to one another. When the price of bananas rises, people buy fewer bananas. One way of expressing the relationships among variables is with graphs. Graphs serve two purposes. First, when developing economic theories, graphs offer a way to visually express ideas that might be less clear if described with equations or words.

When we apply the slope formula, we are concerned with the change between these two points; in other words, we are concerned with the difference between them, which lets us know that we will have to subtract one set of values from the other, as follows: slope = ⌬y first y-coordinateϪsecond y-coordinate 6Ϫ8 Ϫ2 Ϫ1 = = = = . ⌬x first x-coordinateϪsecond x-coordinate 21Ϫ13 8 4 Figure 2A-5 shows graphically how this calculation works. Try computing the slope of Emma’s demand curve using two different points.

This price of meat is lower than his opportunity cost for 1 pound of meat, which is 2 pounds of potatoes. Thus, the farmer benefits from the deal because he gets to buy meat at a good price. Now consider the deal from the rancher’s viewpoint. The rancher buys 1 pound of potatoes for a price of 3 pounds of meat. This price of potatoes is lower than her opportunity cost of 1 pound of potatoes, which is 8 pounds of meat. Thus, the rancher benefits because she gets to buy potatoes at a good price. These benefits arise because each person concentrates on the activity for which he or she has the lower opportunity cost: The farmer spends more time growing potatoes, and the rancher spends more time producing meat.

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Principles of Microeconomics, 2nd edition by N. Gregory Mankiw

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