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• Cover
• Halftitle
• Title
• Copyright
• Dedication
• Brief Table of Contents
• Detailed Table of Contents
• Preface
• Guided Tour
• Connect
• About the Author
• Acknowledgements
• Create
• Make the grade!
• PART 1 Introduction
  • Chapter 1 Thinking Like an Economist
    • Microeconomics and Macroeconomics
    • The Cost–Benefit Approach to Decisions
      • Example 1.1: Should I get out of my comfortable chair?
    • The Role of Economic Theory
    • Common Pitfalls in Decision Making
      • Example 1.2: Should I go skiing today or work as a research assistant?
      • Example 1.3: Should I go skiing today or wash dishes?
    • ECONOMIC NATURALIST 1.1: Why are most university students under 30?
    • ECONOMIC NATURALIST 1.2: Why can it be costly to use a free, money-off voucher?
      • Example 1.4: Should I relocate my shop?
      • Example 1.5: The pizza experiment
    • ECONOMIC NATURALIST 1.3: Why do hotels charge a deposit?
      • Example 1.6: Are you willing to walk 15 minutes in order to save €10?
      • Example 1.7: Should Tom launch another boat?
      • Example 1.8: How many boats should Tom launch?
    • Using Marginal Benefit and Marginal Cost
      • Example 1.9: How much should Susan talk to Hal each month?
    • ECONOMIC NATURALIST 1.4: Why is airline food so bad?
    • ECONOMIC NATURALIST 1.5: Why are smartphones so powerful?
    • Would Parents Want Their Daughter or Son to Marry Homo Economicus?
      • Example 1.10: A friend phones you with an urgent request
    • Positive Questions and Normative Questions
    • ECONOMIC NATURALIST 1.6: Why does an efficient health service not do everything to keep people alive?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 2 Supply and Demand
    • Chapter Preview
    • Supply and Demand Curves
    • ECONOMIC NATURALIST 2.1: Why do we want your lecturer to recommend this textbook?
    • Equilibrium Quantity and Price
    • Adjustment to Equilibrium
    • ECONOMIC NATURALIST 2.2: Why do people not haggle in supermarkets?
    • Some Welfare Properties of Equilibrium
    • Free Markets and Fairness
    • ECONOMIC NATURALIST 2.3: Why is denied boarding compensation fair?
      • Example 2.1: Suppose the rent control is lowered (strengthened) to €200/month
    • Price Supports
    • The Rationing and Allocative Functions of Prices
    • ECONOMIC NATURALIST 2.4: Why is it good that Uber increases prices in crisis situations?
    • Determinants of Supply and Demand
    • Predicting and Explaining Changes in Price and Quantity
    • ECONOMIC NATURALIST 2.5: Why do the prices of some goods, like apples, go down during the months of heaviest consumption while others, like beachfront cottages, go up?
      • Example 2.2: How does a price support programme in the soybean market affect the equilibrium price and quantity of beef?
    • The Algebra of Supply and Demand
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 3 Game Theory
    • Chapter Preview
    • Social Dilemmas
      • Example 3.1: Should I burn my leaves or haul them into the woods?
    • ECONOMIC NATURALIST 3.1: Why does a confession not imply guilt?
      • Example 3.2: Four students are working on an economics group project
    • What Happened to the Invisible Hand?
    • ECONOMIC NATURALIST 3.2: Why is it so hard to reduce CO2 emissions?
    • Repeated Games
    • Nash Equilibrium
      • Example 3.3: The cost of burning leaves is higher for Jack
      • Example 3.4: Should Jack or Jill haul leaves?
    • ECONOMIC NATURALIST 3.3: Why do governments typically build flood defences?
      • Example 3.5: Should toy makers enter the Dutch market?
    • Sequential Games
      • Example 3.6: Does it pay to work on a Saturday?
    • ECONOMIC NATURALIST 3.4: Why are you unlikely to get a bargain in a souq?
    • Incomplete Information
    • ECONOMIC NATURALIST 3.5: Why did mobile phone companies pay too much (or too little) for a 3G licence?
    • Behavioural Game Theory
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
• PART 2 The Theory of Consumer Behaviour
  • Chapter 4 Rational Consumer Choice
    • Chapter Preview
    • The Opportunity Set or Budget Constraint
    • ECONOMIC NATURALIST 4.1: Why do some students not spend enough time on their studies?
      • Example 4.1: Quantity discount for electric power
    • ECONOMIC NATURALIST 4.2: Why do bulk buy discounts lead to food waste?
    • Consumer Preferences
    • ECONOMIC NATURALIST 4.3: Why should you not forget to ask the price?
    • ECONOMIC NATURALIST 4.4: Why do restaurants not sell ice cream-topped pizza?
    • The Best Affordable Bundle
    • ECONOMIC NATURALIST 4.5: Why do Most people not consume English wine?
      • Example 4.2: Equilibrium with perfect substitutes: Jolt cola versus Coca-Cola
      • Example 4.3: Equilibrium with perfect complements: butter versus toast
    • An Application of the Rational Choice Model
      • Example 4.4: Is it better to give poor people cash or rent support?
    • ECONOMIC NATURALIST 4.6: Why do people often give gifts in kind instead of cash?
    • Theory of Choice and Household Production
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
    • Appendix 4: The Utility Function Approach to the Consumer Budgeting Problem
    • The Utility Function Approach to Consumer Choice
    • Finding the Best Affordable Bundle Algebraically
  • Chapter 5 Individual and Market Demand
    • Chapter Preview
    • The Effects of Changes in Price
    • The Effects of Changes in Income
    • ECONOMIC NATURALIST 5.1: Why does a family’s choice of holiday tell us a lot about their income?
    • The Income and Substitution Effects of a Price Change
    • ECONOMIC NATURALIST 5.2: Why does a standard haircut cost anything from €20 to €2,000 depending on the stylist?
      • Example 5.1: Income and substitution effects for perfect complements: skis and bindings
      • Example 5.2: Income and substitution effects for perfect substitutes: tea and coffee
    • Consumer Responsiveness to Changes in Price
    • Market Demand: Aggregating Individual Demand Curves
      • Example 5.3: The market demand curve: lamb chops in a Wales town
      • Example 5.4: The market demand curve: ten consumers
    • Price Elasticity of Demand
    • ECONOMIC NATURALIST 5.3: Why has demand for university places in England and Wales increased despite the introduction of tuition fees?
      • Example 5.5: Price elasticity of demand: what is the optimal price on the Oresund Bridge?
      • Example 5.6: Price elasticity of demand: should the bus system raise or lower bus fares?
    • Income Elasticity of Demand
    • ECONOMIC NATURALIST 5.4: Why have pubs become good at cooking food?
      • Example 5.7: How does income affect the market demand curve for food?
    • Cross-Price Elasticities of Demand
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
    • Appendix 5: Additional Topics in Demand Theory
    • The Constant Elasticity Demand Curve
    • Generating Demand and Engel Curves Algebraically
  • Chapter 6 Applications of Rational Choice and Demand Theories
    • Chapter Preview
    • Using Price Elasticity of Demand
      • Example 6.1: How much extra revenue results from a 6 per cent increase in fares on the London Underground?
    • Tax Incidence
    • ECONOMIC NATURALIST 6.1: Why do banks oppose increased taxes on financial services?
    • ECONOMIC NATURALIST 6.2: Why does a subsidy for first-time house buyers help house builders more than house buyers?
    • Welfare Comparisons
      • Example 6.2: Price changes: was Jones better off this year or last year?
    • ECONOMIC NATURALIST 6.3: Why does a person’s standard of living improve over time even if the quantity of goods and services they can afford stays the same?
    • The Income-Compensated Demand Curve
    • Consumer Surplus
      • Example 6.3: What is the loss in consumer surplus from an oil price increase?
    • ECONOMIC NATURALIST 6.4: Why do you have to be a member to book a tennis court?
    • ECONOMIC NATURALIST 6.5: Why do some amusement parks charge only a fixed admission fee, with no additional charge even for rides with long lines?
    • Tax Burden and Equivalent Variation
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 7 Choice under Uncertainty and the Economics of Information
    • Chapter Preview
    • Choice under Uncertainty
      • Example 7.1: Maximizing expected utility: Smith and gambling
      • Example 7.2: Will you always accept a favourable bet?
    • ECONOMIC NATURALIST 7.1: Why do people (not) go to casinos?
      • Example 7.3: Should Sarah become a teacher or an actress? What is the most she would pay for Smith’s evaluation?
      • Example 7.4: Should Smith sue the manufacturer?
    • Expected Utility and the Rational Choice Model
    • The Search for High Wages and Low Prices
      • Example 7.5: Acceptance price if the cost of search increases
    • ECONOMIC NATURALIST 7.2: Why have price comparison websites made it less necessary to compare prices?
    • Insuring against Bad Outcomes
    • ECONOMIC NATURALIST 7.3: Why is it more difficult to get flood protection than fire protection (unless you live in a forest)?
      • Example 7.6: What is the most a consumer would pay for insurance against a loss?
    • ECONOMIC NATURALIST 7.4: Why should you get travel insurance for a trip to the USA but not buy an extended warranty on your smartphone?
    • The Economics of Information
    • Adverse Selection
    • ECONOMIC NATURALIST 7.5: Why do ‘almost new’ used cars sell for so much less than brand new ones?
      • Example 7.7: Why should Fred buy a car from John?
      • Example 7.8: Why will John only sell a car in bad condition?
    • ECONOMIC NATURALIST 7.6: Why should men pay more than women for car insurance?
    • Moral Hazard
      • Example 7.9: Claire owns a hairdressing salon and has employed Gilbert to go around town advertising the salon
    • Signalling
    • ECONOMIC NATURALIST 7.7: Why do online retailers have flagship stores?
    • ECONOMIC NATURALIST 7.8: Why would an exclusive restaurant not display its hygiene rating?
    • ECONOMIC NATURALIST 7.9: Why do residents of small towns spend less on their professional wardrobes than their counterparts in big cities?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 8 Explaining Tastes: The Importance of Altruism and other Non-egoistic Behaviour
    • Chapter Preview
    • The Present-aim Standard
      • Example 8.1: Should Mary vote or stay at work?
    • ECONOMIC NATURALIST 8.1: Why are Australians more likely to vote?
    • ECONOMIC NATURALIST 8.2: Is it altruistic to give to the poor?
      • Example 8.2: A utility-maximizing altruist: should Smith give some of his wealth to Jones?
      • Example 8.3: Will Hatfield and McCoy work together?
    • ECONOMIC NATURALIST 8.3: Why do shops exchange faulty goods?
    • ECONOMIC NATURALIST 8.4: Why are tickets for football matches so ‘cheap’?
    • Evolution and Preferences
    • ECONOMIC NATURALIST 8.5: Why does peer punishment work in Zurich but not Athens?
    • Sustaining Cooperation
    • Tastes Not Only Can Differ, They Must Differ
    • ECONOMIC NATURALIST 8.6: Why are so few donations anonymous?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 9 Cognitive Limitations and Consumer Behaviour
    • Chapter Preview
    • Bounded Rationality and Two Systems
    • The Difficulty of Actually Deciding
    • ECONOMIC NATURALIST 9.1: Why do real estate agents often show clients two houses that are nearly identical, even though one is both cheaper and in better condition than the other?
    • The Asymmetric Value Function
      • Example 9.1: What contents insurance should Andre get for his flat?
    • ECONOMIC NATURALIST 9.2: Why does it pay to be careful with special offers?
    • ECONOMIC NATURALIST 9.3: Why did spectators at London 2012 not sell their tickets to watch Usain Bolt?
      • Example 9.2: Choice over lotteries with an asymmetric value function
    • ECONOMIC NATURALIST 9.4: Is it better to save lives or sacrifice lives?
    • ECONOMIC NATURALIST 9.5: Why do people buy lottery tickets?
    • Judgemental Bias and Heuristics
    • ECONOMIC NATURALIST 9.6: Why does it not pay to work from home?
    • ECONOMIC NATURALIST 9.7: Why can it make sense to charge a high price?
    • Intertemporal Choice
    • ECONOMIC NATURALIST 9.8: Why do supermarkets put chocolate near the checkout?
    • Nudge and Behaviour Change
    • Summary
    • Questions for Review
    • Problems
    • Answer to In-Chapter Exercise
• PART 3 The Theory of the Firm and Market Structure
  • Chapter 10 Production
    • Chapter Preview
    • The Input-Output Relationship, or Production Function
    • ECONOMIC NATURALIST 10.1: Why do housewives (and husbands) not get paid?
    • Short Run and Long Run
    • ECONOMIC NATURALIST 10.2: Why does it take so long to produce a blockbuster movie?
    • Production in the Short Run
    • ECONOMIC NATURALIST 10.3: Why can’t all the world’s people be fed from the amount of grain grown in a single flowerpot?
      • Example 10.1: Maximizing total output (I): should the allocation of boats of a fishing fleet be altered?
      • Example 10.2: Maximizing total output (II): how should the allocation of the boats in a fishing fleet be altered?
      • Example 10.3: What is the optimal amount of time to spend on each exam question?
    • Production in the Long Run
    • Returns to Scale
    • ECONOMIC NATURALIST 10.4: Why do builders use prefabricated frames for roofs but not for walls?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
    • Appendix 10: Mathematical Extensions of Production Theory
    • The Average–Marginal Distinction
    • Some Examples of Production Functions
    • A Mathematical Definition of Returns to Scale
  • Chapter 11 Costs
    • Chapter Preview
    • Costs in the Short Run
      • Example 11.1: Graphing the total, variable and fixed cost curves
      • Example 11.2: Graphing the average fixed, average variable, average total and marginal costs
      • Example 11.3: Graphing the average total cost, average variable cost, average fixed cost and marginal cost curves
    • The Relationship between MP, AP, MC and AVC
    • Cost Minimization and Allocating Production between Two Processes
      • Example 11.4: What is the least costly way to produce a total of 32 units of output?
    • ECONOMIC NATURALIST 11.1: Why would a bathroom equipment manufacturer bake the image of a housefly onto the centre of its ceramic urinals?
    • Costs in the Long Run
    • ECONOMIC NATURALIST 11.2: Why is gravel made by hand in Nepal but by machine in Europe?
    • ECONOMIC NATURALIST 11.3: Why do unions support minimum wage laws so strongly?
    • Long-Run Costs and the Structure of Industry
    • The Relationship between Long-Run and Short-Run Cost Curves
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
    • Appendix 11: Mathematical Extensions of the Theory of Costs
    • More on The Relationship between Long-Run and Short-Run Cost Curves
    • The Calculus Approach to Cost Minimization
  • Chapter 12 Perfect Competition
    • Chapter Preview
    • The Goal of Profit Maximization
      • Example 12.1: What is a printing company’s profit if they own their own printing machine?
      • Example 12.2: If the annual interest rate on cash savings is 5 per cent, how much economic profit will a self-employed developer make?
    • The Four Conditions for Perfect Competition
    • ECONOMIC NATURALIST 12.1: Why are eBay, Alibaba and Amazon marketplaces good for consumers?
    • The Short-run Condition for Profit Maximization
    • ECONOMIC NATURALIST 12.2: Why do North Sea oil operations continue at a loss?
    • The Short-Run Competitive Industry Supply
      • Example 12.3: What is the industry supply curve for an industry with 200 firms?
    • Short-Run Competitive Equilibrium
    • The Efficiency of Short-Run Competitive Equilibrium
    • Producer Surplus
      • Example 12.4: Should the legislature ban fireworks?
    • Adjustments in the Long Run
    • The Invisible Hand
    • ECONOMIC NATURALIST 12.3: Why does an airline ticket from London to Frankfurt cost only €10?
    • The Long-Run Competitive Industry Supply Curve
    • ECONOMIC NATURALIST 12.4: Why do people clean their own toilets?
    • The Elasticity of Supply
    • Applying the Competitive Model
    • ECONOMIC NATURALIST 12.5: Why should we pay farmers to plant hedgerows?
    • ECONOMIC NATURALIST 12.6: Why is self-checkout becoming the norm in shops?
      • Example 12.5: Will EU investment improve the livelihood of poor farmers?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 13 Monopoly
    • Chapter Preview
    • Defining Monopoly
    • Five Sources of Monopoly
    • ECONOMIC NATURALIST 13.1: What is a just reward for designing the iPhone or finding a treatment for cancer?
    • The Profit-Maximizing Monopolist
      • Example 13.1: Finding a marginal revenue curve for a given demand curve
      • Example 13.2: What is a monopolist’s profit-maximizing price, and how much economic profit is earned?
    • ECONOMIC NATURALIST 13.2: Why is wine more expensive in a restaurant than a supermarket?
    • A Monopolist Has No Supply Curve
    • ECONOMIC NATURALIST 13.3: What is the optimal price for sweets at Legoland Windsor?
    • Adjustments in the Long Run
    • The Efficiency Loss from Monopoly
      • Example 13.3: Will the monopolist introduce a new light bulb that lasts 10,000 hours?
    • Public Policy Towards Natural Monopoly
    • ECONOMIC NATURALIST 13.4: Why have SNCF and Deutsche Bahn not been privatized?
    • ECONOMIC NATURALIST 13.5: Is the EU powerless against Google?
    • Price Discrimination
      • Example 13.4: Finding and graphing the monopolist’s quantity and price in the home market
    • ECONOMIC NATURALIST 13.6: Why do some doctors and lawyers offer discounts to people with low incomes?
    • ECONOMIC NATURALIST 13.7: Why do cinema owners offer student discounts on admission tickets but not on popcorn?
      • Example 13.5: What membership fee should a tennis club charge students and faculty?
      • Example 13.6: Why does an executive membership package increase the profits of a tennis club?
    • ECONOMIC NATURALIST 13.8: Is Amazon good for society?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 14 Imperfect Competition
    • Chapter Preview
    • Monopolistic Competition
    • ECONOMIC NATURALIST 14.1: How many restaurants does a university town need?
    • ECONOMIC NATURALIST 14.2: Are out-of-town shopping centres a good thing?
    • A Spatial Interpretation of Monopolistic Competition
    • ECONOMIC NATURALIST 14.3: Why are there fewer grocery stores in most cities now than there were in 1930? And why do residential neighbourhoods in Paris have more grocery stores than residential neighbourhoods in Los Angeles?
    • ECONOMIC NATURALIST 14.4: Why does mineral water cost so much in a restaurant?
    • Some Specific Oligopoly Models
      • Example 14.1: Deriving the reaction functions for Cournot duopolists
      • Example 14.2: Finding the equilibrium price and quantity for Bertrand duopolists
    • ECONOMIC NATURALIST 14.5: Why are house prices so high and mortgage rates so low?
      • Example 14.3: Finding the equilibrium price and quantity for a Stackelberg leader and follower
    • Entry Deterrence
    • ECONOMIC NATURALIST 14.6: Why would a firm build a factory with more capacity than it would ever need?
      • Example 14.4: Stackelberg leadership as a sequential game
    • ECONOMIC NATURALIST 14.7: Why are there so many unicorns?
    • Collusion
    • ECONOMIC NATURALIST 14.8: Why do so many firms offer price matching?
    • ECONOMIC NATURALIST 14.9: Why are energy prices artificially high?
    • Advertising
    • ECONOMIC NATURALIST 14.10: Why did a ban on cigarette advertising help the cigarette companies?
    • ECONOMIC NATURALIST 14.11: Why a hotel can benefit if a competitor advertises through an influencer
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
• PART 4 Factor Markets
  • Chapter 15 Labour
    • Chapter Preview
    • The Perfectly Competitive Firm’s Demand for Labour
    • ECONOMIC NATURALIST 15.1: Why do firms benefit from the gig economy?
    • An Imperfect Competitor’s Demand for Labour
    • The Supply of Labour
      • Example 15.1: The labour supply curve for someone with a target level of income
    • ECONOMIC NATURALIST 15.2: Why is it so hard to find a taxi on rainy days?
      • Example 15.2: The optimal leisure demand for someone who views income and leisure as perfect complements
    • ECONOMIC NATURALIST 15.3: Why can a tax on the rich harm the poor?
    • The Market Supply Curve
      • Example 15.3: How do rising MBA enrolments affect the salaries and employment of economists in liberal arts schools?
    • Compensating Wage Differentials
    • ECONOMIC NATURALIST 15.4: Why would people who are willing to work in a dusty mine want safety regulations even if it lowers their wage?
    • Monopsony
    • Minimum Wage Laws
    • Labour Unions
    • International Labour Market
    • ECONOMIC NATURALIST 15.5: Why do we buy clothes made in sweatshops?
    • Discrimination in the Labour Market
      • Example 15.4: Why firms cannot discriminate in a competitive market
      • Example 15.5: What wage will economics graduates be paid?
      • Example 15.6: What effect does a productivity test have on wages?
      • Example 15.7: Why do maths graduates get paid more than economics graduates?
    • Winner-Takes-All Markets
      • Example 15.8: Why does the best lawyer get paid a lot of money?
    • ECONOMIC NATURALIST 15.6: Why do chief executives of leading companies earn more than 100 times the average salary?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 16 Capital
    • Chapter Preview
    • Financial Capital and Real Capital
    • The Intertemporal Choice Model
    • ECONOMIC NATURALIST 16.1: Why do people simultaneously save for retirement and borrow on credit cards?
      • Example 16.1: Will an increase in the interest rate lead to more saving?
    • The Demand for Real Capital
    • ECONOMIC NATURALIST 16.2: Why is the rent for a property often lower than the mortgage payments for the same property?
    • Interest Rate Determination
    • ECONOMIC NATURALIST 16.3: Why do we get bank runs?
    • The Market for Stocks and Bonds
    • ECONOMIC NATURALIST 16.4: Why are share prices typically more volatile than bond prices?
    • ECONOMIC NATURALIST 16.5: Why is owning stock in a highly profitable company no better than owning stock in a company making normal profit?
    • Economic Rent
    • Exhaustible Resources as Inputs in Production
      • Example 16.2: How much will the price of oil increase if interest rates are 5 per cent?
      • Example 16.3: At what point will oil be used up?
      • Example 16.4: How does a breakthrough in solar power change the price of oil?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
• PART 5 Externalities, Public Goods and Welfare
  • Chapter 17 General Equilibrium and Market Efficiency
    • Chapter Preview
    • A Simple Exchange Economy
    • ECONOMIC NATURALIST 17.1: Why should you enter a prize draw to win a Ferrari even if you do not drive?
    • ECONOMIC NATURALIST 17.2: Why is it easier to buy fresh tomatoes in the UK than in Russia?
    • Efficiency in Production
    • Efficiency in Product Mix
    • Gains from International Trade
      • Example 17.1: General equilibrium and market efficiency
    • Taxes in General Equilibrium
    • Other Sources of Inefficiency
    • ECONOMIC NATURALIST 17.3: Why do the latest technology goods sell out so quickly?
    • ECONOMIC NATURALIST 17.4: Why are European countries not nationalizing mobile phone provision?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 18 Externalities, Property Rights and the Coase Theorem
    • Chapter Preview
    • Externalities and Market Efficiency
      • Example 18.1: Will your loud music annoy the neighbours?
      • Example 18.2: How loud should Anders play his music?
      • Example 18.3: How loud should Anders play music if he feels guilty about annoying Lars?
      • Example 18.4: What is the efficient amount of electricity in the presence of externalities?
    • ECONOMIC NATURALIST 18.1: Why are footballers paid so much?
      • Example 18.5: Efficiency can be higher with a monopoly supplier if there are externalities
    • The Reciprocal Nature of Externalities
      • Example 18.6: Confectioner is liable for noise damage caused to a doctor
      • Example 18.7: Why can it be efficient for the confectioner to continue operating?
      • Example 18.8: The consequences of a soundproofing device
      • Example 18.9: Negotiation costs can result in inefficient outcomes
    • ECONOMIC NATURALIST 18.2: Why did it take 6 years to build the Channel Tunnel and more than 11 years to build the Channel Tunnel rail link?
    • ECONOMIC NATURALIST 18.3: Why can Austrians not avoid nuclear power?
      • Example 18.10: How students can negotiate asking the lecturer a question
    • Property Rights
    • ECONOMIC NATURALIST 18.4: Why does the law permit airlines to operate flights over private land without permission?
    • ECONOMIC NATURALIST 18.5: Why does the law of trespass not apply in the mountains?
    • ECONOMIC NATURALIST 18.6: Why are property laws often suspended during storms?
    • The Tragedy of the Commons
      • Example 18.11: If village residents make their investment decisions independently, how many of their steers will graze on the commons?
    • ECONOMIC NATURALIST 18.7: Why has Iceland had more success than the EU in maintaining fish stocks?
    • Positional Externalities
    • ECONOMIC NATURALIST 18.8: Why are houses near good schools more expensive?
    • ECONOMIC NATURALIST 18.9: Have students got cleverer during the last 30 years?
    • ECONOMIC NATURALIST 18.10: Why do workers choose zero-hours contracts?
    • Taxing Externalities
      • Example 18.12: The optimal tax on electricity
      • Example 18.13: The optimal tax on a confectioner
      • Example 18.14: Why is a tax on pollution preferable to regulation of pollution?
    • ECONOMIC NATURALIST 18.11: Why should diamond rings be expensive?
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
  • Chapter 19 Government
    • Chapter Preview
    • Public Goods
    • ECONOMIC NATURALIST 19.1: Why do houses rented out to students typically end up in a worse condition than those rented to families?
    • ECONOMIC NATURALIST 19.2: Should it be free to visit the Natural History Museum?
      • Example 19.1: Should the network broadcast the Big Bang Theory or Antiques Roadshow?
    • ECONOMIC NATURALIST 19.3: Why would the rich prefer a system whereby they pay more tax than a system whereby everyone pays the same tax?
    • ECONOMIC NATURALIST 19.4: Why do doctors treat patients in private?
    • The Economics of Clubs
    • Public Choice
    • ECONOMIC NATURALIST 19.5: Why do we need politicians?
    • ECONOMIC NATURALIST 19.6: Why is smoking not banned in Europe?
      • Example 19.2: If two people, one rich and one poor, have opposite views on a proposed public project, on what basis would each like to see the decision made, cost–benefit analysis or majority rule?
      • Example 19.3: Which company will win the franchise to operate the rail system in South East England?
    • Income Distribution
    • Summary
    • Questions for Review
    • Problems
    • Answers to In-Chapter Exercises
• Index

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Rafbók til eignar þarf að hlaða niður á þau tæki sem þú vilt nota innan eins árs frá því bókin er keypt.

Þú kemst í bækurnar hvar sem er
Þú getur nálgast allar raf(skóla)bækurnar þínar á einu augabragði, hvar og hvenær sem er í bókahillunni þinni. Engin taska, enginn kyndill og ekkert vesen (hvað þá yfirvigt).

Auðvelt að fletta og leita
Þú getur flakkað milli síðna og kafla eins og þér hentar best og farið beint í ákveðna kafla úr efnisyfirlitinu. Í leitinni finnur þú orð, kafla eða síður í einum smelli.

Glósur og yfirstrikanir
Þú getur auðkennt textabrot með mismunandi litum og skrifað glósur að vild í rafbókina. Þú getur jafnvel séð glósur og yfirstrikanir hjá bekkjarsystkinum og kennara ef þeir leyfa það. Allt á einum stað.

Hvað viltu sjá? / Þú ræður hvernig síðan lítur út
Þú lagar síðuna að þínum þörfum. Stækkaðu eða minnkaðu myndir og texta með multi-level zoom til að sjá síðuna eins og þér hentar best í þínu námi.



Fleiri góðir kostir
- Þú getur prentað síður úr bókinni (innan þeirra marka sem útgefandinn setur)
- Möguleiki á tengingu við annað stafrænt og gagnvirkt efni, svo sem myndbönd eða spurningar úr efninu
- Auðvelt að afrita og líma efni/texta fyrir t.d. heimaverkefni eða ritgerðir
- Styður tækni sem hjálpar nemendum með sjón- eða heyrnarskerðingu