What’s New in This Edition?
• The 11 th edition has continued the changes in the Economics in Practice boxes that we began several editions ago. In these boxes, we try to bring economic thinking to the con- cerns of the typical student. In many cases, we do this by spotlighting recent research, much of it by young scholars. Chapter 3 looks at the demand response of students to textbook price rises, a topic of real concern to students. C hapter 4 looks at why there may be more “foodies” in New York City than in many other parts of the country using recent research on urban amenities. How has an app on the iPhone affected the truth- fulness of snow resort forecasts? We discuss research on this topic in Chapter 17 .
• For each box, we have also added questions to take students back from the box to the analytics of the textbook to reinforce the underlying economic principles of the illustrations.
• As in the previous edition, we have reworked some of the chapters to streamline them and to improve readability. In this edition, C hapters 2 and 3 , as well as C hapters 8 and 9 , have been substantially reworked, while many of the other chapters have been tightened and made more current.
• Many new questions and problems at the end of the chapters have been added.
• Many graphs and tables have been heavily revised and updated to include the most recent data available from 2010 through 2012. The inclusion of up-to-date studies and data is essential to promoting a better understanding of recent microeconomic developments.
Principles_of_Microeconomics.pdf
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