By N. Gregory Mankiw
With its transparent and fascinating writing kind, short ideas OF MACROECONOMICS, 5E, is still essentially the most well known books on economics on hand this day. Mankiw emphasizes fabric that you're more likely to locate fascinating in regards to the economic system (particularly if you're learning economics for the 1st time), together with real-life situations, invaluable proof, and the various methods financial options play a job within the judgements you are making on a daily basis.
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Distributional matters would possibly not have consistently been one of the major matters of the industrial career. this day, first and foremost of the 2000s, the location is varied. over the last zone of a century, monetary progress proved to be unsteady and quite gradual on normal. the placement of these on the backside ceased to enhance usually as within the previous quickly progress and full-employment interval.
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Additional info for Brief Principles of Macroeconomics
Practice, practice, practice. At the end of each chapter, Questions for Review test your understanding, and Problems and Applications ask you to apply and extend the material. Perhaps your 5. 6. 7. 8. 9. instructor will assign some of these exercises as homework. If so, do them. If not, do them anyway. The more you use your new knowledge, the more solid it becomes. Go online. The publisher of this book maintains an extensive website to help you in your study of economics. It includes additional examples, applications, and problems, as well as quizzes so you can test yourself.
For example, consider an airline deciding how much to charge passengers who fly standby. Suppose that flying a 200-seat plane across the United States costs the airline $100,000. In this case, the average cost of each seat is $100,000/200, which is $500. One might be tempted to conclude that the airline should never sell a ticket for less than $500. In fact, a rational airline can often find ways to raise its profits by thinking at the margin. Imagine that a plane is about to take off with ten empty seats, and a standby passenger waiting at the gate will pay $300 for a seat.
Marginal decision making can help explain some otherwise puzzling economic phenomena. Here is a classic question: Why is water so cheap, while diamonds are so expensive? Humans need water to survive, while diamonds are unnecessary; but for some reason, people are willing to pay much more for a diamond than for a cup of water. The reason is that a person’s willingness to pay for any good is based on the marginal benefit that an extra unit of the good would yield. The marginal benefit, in turn, depends on how many units a person already has.
Brief Principles of Macroeconomics by N. Gregory Mankiw