Firms in Perfectly Competitive Markets. Monopoly and Antitrust. Monopolistic Competition and Product Differentiation. Oligopoly and Strategic Behavior.
The Markets for Labor, Capital, and Land. Income, Poverty and Health Care. Measuring Economic Performance. Economic Growth in the Global Economy. Financial Markets, Saving, and Investment. Appendix: Calculating Present Value. Aggregate Demand and Aggregate Supply. Our Buy Exploring Economics 8th ed. Exploring Economics book.
This is not a traditional encyclopedic text filled with technical deta The excitement of learning economics for the first time. The experience of a lifetime of teaching it. The Eighth Edition of Exploring Economics captures the excitement of learning economics for the first time through a lively and encouraging narrative that connects economics to the world in a way that is familiar to students. Sexton is very good. This book is meant for the classroom because of its structure and its content.
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Perspectives of Economics Compare. Book 5 Ch 4. The car also allowed people to live farther from where they worked, so that people wanted more land and newer houses. Sarah, a school teacher, pays the same price in February during the school year as in July during her vacation , so the cost is the same in February as in July.
Do you agree? Secondly, if people value their time at all, ten minutes standing in line to get the burger carries an opportunity cost equal to the value to them of whatever else they could have done with the ten minutes. List some things that you need. Then ask yourself if you would still want some of those things if the price were five times higher.
Would you still want them if the price were 10 times higher? Answers will vary. List the opportunity costs of the following: a. The opportunity cost of going to college includes not just expenses such as tuition and books, but also the lost income that could have been earned while attending college. On the other hand, room and board expenses should not be included in the calculation of opportunity cost, if those expenses are equivalent to that which would be incurred in the best foregone alternative to attending college.
The opportunity cost of going snowboarding on the weekend before final examinations is likely to include the value of lost study time and possibly a lower course grade, as well as the explicit costs of the snowboarding trip, as well as the financial costs. Which of the following activities require marginal thinking, and why? All of the activities listed involve marginal thinking. Should you go to the movies this Friday? List the factors that affect the possible benefits and costs of this decision.
Explain where uncertainty affects the benefits and costs. Answer: The benefits of going to the movie include the happiness you receive from being entertained and the social interaction with friends. These are uncertain because they depend on the quality of the move and your companionship. Costs include the price of the movie ticket and.
Uncertainty also affects your costs since you do not know for certain what you would get out of your alternative use of your time. Explain why following the rule of rational choice makes a person better off.
Answer: As long as a person follows the rule of rational choice, they will always make decisions were they expect to gain more in benefits than they have to give up in costs. They will always be better off in this case. Which of the following are positive incentives? Negative incentives? A fine for not cleaning up after your dog defecates in the park b. A trip to Hawaii paid for by your parents or significant other for earning an A in your economics course. A higher tax on cigarettes and alcohol.
A subsidy for installing solar panels on your house. Answer: Positive incentives are those that either increase benefits or reduce costs and thus tend to increase the level of an activity. Both of the following are examples of positive incentives: b. Negative incentives either reduce benefits or increase costs, and thus tend to decrease the level of the related activity or behavior. Both of the following are examples of negative incentives: a. Modern medicine has made organ transplants a common occurrence, yet the number of organs that people want far exceeds the available supply.
According to CNN, ten people die each day because of a lack of transplantable organs like kidneys and livers. Some economists have recommended that an organ market be established through which doctors and others could pay people for the right to use their organs when they die.
The law currently forbids the sale of organs. What do you think of such a proposal? What kind of incentives would an organ market provide for people to allow others to use their organs? What would happen to the supply of organs if, instead of relying on donated kidneys, livers, and retinas, doctors and hospitals could bid for them?
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