By Robert Frank, Ben Bernanke
Authors Bob Frank, Ben Bernanke, and introducing Kate Antonovics from the college of California San Diego and Ori Heffetz from Cornell collage, current a coherent brief record of middle rules in introductory economics and toughen them by means of illustrating and using each one in several contexts. With enticing questions, motives and workouts, the authors support scholars relate financial ideas to a number of daily reviews corresponding to going to the ATM or procuring airline tickets. all through this method, the authors motivate scholars to turn into “economic naturalists:” those who hire simple monetary rules to appreciate and clarify what they notice on this planet round them.
Principles of Macroeconomics, 6th variation, is punctiliously built-in with the adaptive electronic instruments to be had in McGraw-Hill’s LearnSmart virtue Suite, confirmed to extend scholar engagement and good fortune within the course.
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A textbook that covered all the issues would take up more than a whole floor of your campus library. It is our firm view that most introductory textbooks try to cover far too much. One reason that each of us was drawn to the study of economics is that a relatively short list of the discipline’s core ideas can explain a great deal of the behavior and events we see in the world around us. So rather than cover a large number of ideas at a superficial level, our strategy is to focus on this short list of core ideas, returning to each entry again and again, in many different contexts.
Why, then, do the manufacturers of automated teller machines install Braille dots on the machines at drive-up locations? Why do the keypad buttons on drive-up automated teller machines have Braille dots? The answer to this riddle is that once the keypad molds have been manufactured, the cost of producing buttons with Braille dots is no higher than the cost of producing CORE PRINCIPLES 17 smooth buttons. Making both would require separate sets of molds and two different types of inventory. If the patrons of drive-up machines found buttons with Braille dots harder to use, there might be a reason to incur these extra costs.
1. How many shuttles should NASA launch? NASA should continue to launch shuttles as long as the marginal benefit of the program exceeds its marginal cost. In this example, the marginal benefit is constant at $6 billion per launch, regardless of the number of shuttles launched. NASA should thus keep launching shuttles as long as the marginal cost per launch is less than or equal to $6 billion. 2. ) Thus, for example, the marginal cost of increasing the number of launches from one to two is $4 billion, the difference between the $7 billion total cost of two launches and the $3 billion total cost of one launch.