For upper-level undergraduate and first-year MBA courses in managerial and applied economics. This text will excite readers by providing a more linear progression, while proving the consistency and relevance of microeconomic theory. An evidence-based approach to economics Throughout Microeconomics, 2nd Edition, authors Daron Acemoglu, David Laibson, and John List use real economic questions and data to help students learn about the world around them. Taking a fresh approach, the authors use the themes of optimisation, equilibrium, and empiricism to illustrate the power of simple economic ideas, and their ability to explain, predict, and improve what happens in the world.
Each chapter begins with an empirical question that is later answered using data in the Evidence-Based Economics feature. Taking a fresh approach, they use the themes of optimization, equilibrium, and empiricism to not only illustrate the power of simple economic ideas, but also to explain and predict what's happening in today's society.
Each chapter begins with an empirical question that is relevant to the life of a student, and is later answered using data in the Evidence-Based Economics feature. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson rep for more information. MyLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.
Author : Glenn P. Economics makes economics relevant by demonstrating how real businesses use economics to make decisions every day. Regardless of their future career path—opening an art studio, trading on Wall Street, or bartending at the local pub—students will benefit from understanding the economic forces behind their work.
MyEconLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information. MyEconLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. Author : Paul G. Rely on real-time data to adjust your teaching strategy. Automatically group students for discussion, teamwork, and peer-to-peer learning.
LMS Integration. Access assignments, rosters, and resources, and synchronize grades with your LMS Gradebook. For students, single sign-on provides access to all the personalized learning resources that make studying more efficient and effective.
New to This Edition. About the book Real issues engage students with the content Examination of causality. By studyingrecent research that reports a positive correlation between expensive weddings and high rates of divorce, students will learn to determine the difference between correlation and causality, and better understand the role of omitted variables Chapter 2.
From natural disaster management to global inequality, students examine important social issues—such as how to reduce fracking-generated earthquakes by applying the concept of externalities, inequality in Scandinavia, broadband access, and more.
Examples include: Uber and the invisible hand? Among the many issues explored: Forecasts on the eve of the election The great productivity puzzle--discussing how we may be experiencing a slow-down of aggregate productivity despite the rapid introduction of a range of new technologies in the economy Chapter 21 Democracy and growth, showing the positive impact of democratic political institutions on economic growth Chapter 22 Financing start-ups Chapter 24 The response of consumption to tax cuts Chapter 27 Choice and Consequence features emphasize optimization--one of the key themes in the book--by focusing on making the best decision.
The Principles and Practice of Economics 2. Economic Methods and Economic Questions 3. Optimization: Doing the Best You Can 4. Consumers and Incentives 6. Sellers and Incentives 7. Perfect Competition and the Invisible Hand 8. Trade 9. Externalities and Public Goods The Government in the Economy: Taxation and Regulation Monopoly Game Theory and Strategic Play Trade-offs Involving Time and Risk The Economics of Information Auctions and Bargaining Economic Growth Employment and Unemployment Credit Markets Short-Run Fluctuations Macroeconomics and International Trade Financial Decision Making 2.
Economics of Life, Health, and the Environment 3. Political Economy. Share a link to All Resources. Instructor Resources. Websites and online courses. Other Student Resources. Course Resources. Instructors, you may still place orders with your bookstore.
About the Author s. Previous editions. Relevant Courses. Two-Semester Principles of Economics Economics. Sign In We're sorry! Username Password Forgot your username or password? Sign Up Already have an access code? Instructor resource file download The work is protected by local and international copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning.
For example, the quantity demanded of strawberry jam is correlated with and caused by the strawberry jam price, the grape jelly price, the peanut butter price, the bread price, our preferences about consuming foods with high sugar content, and average household income, among other things. Experimental Economics and Natural Experiments—To set up an economics experiment, researchers gather a large set of human subjects and randomly assign them to.
For example, the only difference between the two groups in a drug testing experiment is that the treatment group gets the new drug, while the control group gets the old drug or a placebo. This is an opportunity to discuss the importance of careful experiment design; it would be a shame to invest many resources in a study just to find that the results are not believable because of a fundamental design flaw.
For example, because not all people have telephones, one would doubt the results of a study on poverty that used data collected by telephone surveys. The authors introduce a long list of good economic questions that will be answered in this book, one per chapter. This is an opportunity to show the range of topics that economics can handle! Evidence-Based Economics: How much more do wages increase when an individual is compelled by law to get an extra year of schooling?
An education reform law in the United Kingdom in raised the legal dropout age from 14 to 15, creating a natural experiment. Students turning 14 before could be considered a control group whereas students turning 14 in or after would be the treatment group. By comparing income levels, a researcher found that those compelled to stay in school an extra year earned 10 percent more on average.
The answer is that empirical researchers must often take what data they can get; an ideal, modern dataset may not be available. What size of a reward or penalty is necessary to get the desired behavioral change?
Describing Variables—There are four commonly used ways to graphically describe data. A bar chart makes it easy to compare a single variable across multiple categories, which are displayed as parallel bars, the length of the bar representing the value of the variable.
To see how a variable changes over time, we use a time series graph, which features many points, each mapping a point in time to a value of the variable. Finally, we use a scatter plot to show how two variables are related. For discussion: o When would you expect to see a pie chart with two equally sized slices? Cause and Effect—From a public policy perspective, economists are interested in causal relationships; it would be nice to know, for instance, if higher education spending led to higher academic test scores, higher graduation rates, higher post-graduation incomes, or longer life expectancy.
As noted in Chapter 2, an omitted variable might cause two things to move together. A humorous application of this is found in Exhibit 2A. Teaching Ideas: Students might enjoy coming up with other twists on this theme of two apparently related things as a result of an omitted variable. For example, unseasonably hot weather also causes higher electricity use for air conditioning , increased sales of fans, sales of other cold consumables soda, beer, ice , etc.
Active Learning Exercises 1. Causation and Correlation Many professors notice that the students who sit in the first or second row in the classroom frequently earn higher grades in the course than students who sit toward the back of the classroom. Should professors view this relationship as one of causation? As one of correlation? Page Count. Download e-Book Pdf.
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