By Robert Pindyck, Daniel Rubinfeld
<P style="MARGIN: 0px">KEY BENEFIT: This ebook is celebrated for its insurance of recent issues (Game concept, Economics of knowledge, and Behavioral Economics), readability of its writing variety and graphs, and built-in use of actual global examples.
<P style="MARGIN: 0px">KEY TOPICS: The emphasis on relevance and alertness to either managerial and public-policy decision-making are concentrated ambitions of the booklet. This emphasis is finished through together with MANY prolonged examples that hide such subject matters because the research of call for, rate, and industry potency; the layout of pricing concepts; funding and creation judgements; and public coverage research.
<P style="MARGIN: 0px"><B></B> Economists and strategists seeking to remain present with financial information.
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Additional resources for Microeconomics (7th Edition)
How might these regulations and standards change over time? How might they affect costs and profits? ) Public Policy Design: Automobile Emission Standards for the Twenty-First Century In 1970, the Federal Clean Air Act imposed strict tailpipe emission standards on new automobiles. These standards have become increasingly stringent-the 1970 levels of nitrogen oxides, hydrocarbons, and carbon monoxide emitted by automobiles had been reduced by about 90 percent by 1999. Now, as the number of cars on the roads keeps increasing, the government must consider how stringent these standards should be in the coming years.
Markets and Prices Economists are often concerned with market definition-with determining which buyers and sellers should be included in a particular market. When defining a market, potential interactions of buyers and sellers can be just as important as actual ones. An example of this is the market for gold. A New Yorker who wants to buy gold is unlikely to travel to Zurich to do so. Most buyers of gold in New York will interact only with sellers in New York. But because the cost of transporting gold is small relative to its value, buyers of gold in New York could purchase their gold in Zurich if the prices there were significantly lower.
M. Scherer, "Archer-Daniels-Midland and Clinton Corn Processing," Case C16-92-1126, John F. Kennedy School of Government, Harvard University, 1992. 11 12 PART 1 • Introduction: Markets and Prices that sugar and corn syrup were both part of a broad market for sweeteners. The acquisition was allowed to go through. Sugar and corn syrup continue to be used interchangeably to satisfy Americans' strong taste for sweetened foods. S. was about 140 pounds per person, of which sugar accounted for 62 pounds and corn syrup 78 pounds .