Principles of Macroeconomics

Principles of Macroeconomics

N. Gregory Mankiw

Language: English

Pages: 576

ISBN: 1285165918

Format: PDF / Kindle (mobi) / ePub

PRINCIPLES OF MACROECONOMICS, Seventh Edition, continues to be the most popular and widely-used text in the economics classroom. A text by a superb writer and economist that stresses the most important concepts without overwhelming students with an excess of detail. A thorough update has been made to keep all chapters fresh and relevant with current Economic coverage. MindTap, the cutting edge online environment is available with new enhancements that include Graph Builder and Adaptive Test Prep that allow students extra preparation in graph drawing and test review. The seventh edition premier ancillary package is the most extensive in the industry, using a team of instructors/preparers that have been with the project since the first edition.

Industrial Organization: A Strategic Approach

Jobless Future: Sci-Tech and the Dogma of Work

The Economics of Global Turbulence

Architectures of Economic Subjectivity: The Philosophical Foundations of the Subject in the History of Economic Thought

Red Ink: Inside the High-Stakes Politics of the Federal Budget

Economics for Humans














Unsafe at Any Speed generated much public concern over auto safety. Congress responded with laws requiring seat belts as standard equipment on new cars. How does a seat belt law affect auto safety? The direct effect is obvious: When a person wears a seat belt, the probability of surviving an auto accident rises. But that’s not the end of the story because the law also affects behavior by altering incentives. The relevant behavior here is the speed and care with which drivers operate their cars.

you’ve learned by studying economics. You understand how we can each work for our own self-interest and still produce a desirable social outcome. You know how uncoordinated activity gets coordinated by the market to enhance the wealth of nations. You understand the magic of markets and the dangers of tampering with them too much. You know better what you first learned in kindergarten: that you shouldn’t kill or cripple the goose that lays the golden eggs. . . . Economics training will help you

opportunity cost of producing a bushel of wheat in Canada? Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 million cars, how much wheat can it consume without trade? Label this point on the production possibilities frontier. c. Now suppose that the United States offers to buy 10 million cars from Canada in exchange for 20 bushels of wheat per car. If Canada continues to consume 10 million

supplied unchanged. 110 Quantity 2. . . . leads to a 10% increase in quantity supplied. (c) Unit Elastic Supply: Elasticity Equals 1 Price Supply $5 4 1. A 22% increase in price . . . 100 0 125 Quantity 2. . . . leads to a 22% increase in quantity supplied. (e) Perfectly Elastic Supply: Elasticity Equals Infinity (d) Elastic Supply: Elasticity Is Greater Than 1 Price Price 1. At any price above $4, quantity supplied is infinite. Supply $5 4 $4 1. A 22% increase in price . . . 0

surplus of existing buyers is the reduction in the amount they pay; it equals the area of the rectangle BCED. Second, some new buyers enter the market because they are willing to buy the good at the lower price. As a result, the quantity demanded in the market increases from Q1 to Q2. The consumer surplus these newcomers receive is the area of the triangle CEF. WHAT DOES CONSUMER SURPLUS M EASURE? Our goal in developing the concept of consumer surplus is to make judgments about the desirability

Download sample