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aggregate Demand 33 and aggregate Supply conomic activity fluctuates from year to year. In most years,gucci handbags, Longchamp Le Pliage Large the produc- tion of goods and services rises. Because of increases in the labor force, Einc reeases in t hce c apprital scteo ck,longchamp it bag, raen ad add vaonrce s ien tteichen. ologii cgal okntohw lleldge, everyone to enjoy a higher standard of living. On average over the past half cen- tury,longchamps bags, the production of the U.S. economy as measured by real GDP has grown by about 3 percent per year. In some years,le pliage, however,sale handbags, the economy experiences contraction rather than recession growth. Firms find themselves unable to sell all the goods and services they have a period of declining to offer, so they cut back on production. Workers are laid off,sac longchamps pliage, unemployment real incomes and rising rises,longchamp website, and factories are left idle. With the economy producing fewer goods and unemployment services,sac longchamp pliage pas cher, real GDP and other measures of Longchamp Small income fall. Such a period of falling incomes and rising unemployment is called a recession if it is relatively mild and depression a depression if it is more severe. a severe recession
Tehae Parice s for iIntle rnxactioanal TRraatnesactions: So far, we have discussed measures of the flow of goods and services and the flow of capital across a nations border. In addition to these quantity variables, macroeconomists also study variables that measure the prices at which these international transactions take place. Just as the price in any market serves the important role of coordinating buyers and sellers in that market,longchamp bags, international prices help coordinate the decisions of consumers and producers as they interact in world markets. Here we discuss the two most important international prices: nominal exchange the nominal and real exchange rates. trhaet erate at which a person Nominal Exchange Rates can trade the currency The nominal exchange rate is the rate at which a person can trade the currency of one country for the of one country for the Longchamp sale currency of another. For example, if you go to a bank, you currency of another might see a posted exchange rate of 80 yen per dollar. If you give the bank one
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citizens would enjoy a higher standard of living. Another of the Ten Principles of Economics is that people respond to incentives. longchamp le pliage large tote Many economists have used this principle to suggest that the low saving rate in the United States is at least partly attributable to tax laws that discourage saving. The U.S. federal government,longchamp it bag, as well as many state governments, collects revenue by taxing income, including interest and dividend income. To see the effects of this policy, consider a 25-year-old who saves $1,000 and buys a 30-year bond that pays an interest rate of 9 percent. In the absence of taxes, the $1,000 grows to $13,268 when the individual reaches age 55. Yet if that interest is taxed at a rate of, say, 33 percent, then the after-tax interest rate is only 6 percent. In this case, the $1,000 grows to only $5,743 after 30 years. The tax on interest income substantially reduces the future payoff from current saving and,chanel outlet, as a result, reduces the incen- tive for people to save. In response to this problem, many economists and lawmakers have proposed reforming the tax code to Longchamp Le Pliage Hobo Bag encourage greater saving. For example, one proposal is to expand eligibility for special accounts,sac longchamp pliage bleu marine, such as Individual Retirement Accounts,kipling outlet, that allow people to shelter some of their saving from taxation. Lets consider the effect of such a saving incentive on the market for loanable funds,longchamp online store, as illustrated in Figure 2. We analyze this policy following our three steps.
Taxinglittle net financial impact of smokers on the sions of ourselves as different people from mindless television shows and subsidizingrest of us. ourselves today? serious literature cannot be far behind. It may seem grisly to consider the bud- To be sure, most parents have no trouble Even as adults, we sometimes wish forin e getary savings of an early death as a "ben- restricting a childs decisions on the grounds parents to be looking over our shouldersl . that doing so is in the young persons g efit" to society. But when analyzing policy, and guiding us to the right decisions. Thei economists are nothing if not cold-blooded. best interest. Few teenagers are farsighted question is,longchamp for sale, do you trust the governmenta Longchamp Le Pliage Medium If one uses budgetary costs to justify taxing enough to fully incorporate the interests of enough to appoint it your guardian? Source: New York Times, June 6,longchamps sale, 2010.
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fronTiers of MicroeconoMics 479 What about the Condorcet voting paradox? It turns out that when the voters are picking longchamp le pliage large sale a point along a line and each voter aims for his own most preferred point,longchamp pink, the Condorcet paradox cannot arise. The median voters most preferred outcome beats all challengers. One implication of the median voter theorem is that if two political parties are each trying to maximize their chance of election,longchamp purses on sale, they will both move their positions toward the median voter. Suppose, for example,orange longchamp le pliage, that the Democratic Party advocates a budget of $15 billion, while the Republican Party advocates a budget of $10 billion. The Democratic position is more popular in the sense that $15 billion has more proponents than any other single choice. Nonetheless, the Republicans get more than 50 percent of the vote: They will attract the 20 voters who want $10 billion, the 15 voters who want $5 billion,how much are longchamp bags, and the 25 voters who want zero. If the Democrats want to win, they will move their platform toward the median voter. Thus, this theory can explain why the parties in a two-party system are similar to each other: They are both moving toward the Longchamp Outlet median voter. Another implication of the median voter theorem is that minority views are not given much weight.
Imagine that 40 percent of the population want a lot of money spent on the national parks, and 60 percent want nothing spent. In this case, the median voters preference is zero, regardless of the intensity of the minoritys view. Such is the logic of democracy. Rather than reaching a compromise that takes into account everyones preferences,longchamp le pilage, majority rule looks only to the person in the exact middle of the distribution. Politicians Are People Too When economists study consumer behavior, they assume that consumers buy the bundle of goods and services that gives them the greatest level of satisfaction. When economists study firm behavior, they assume that firms produce the quan- tity of goods and services that yields the greatest level of profits. What should they assume when they study people involved in the practice of politics? Politicians also have objectives. It would be nice to assume that political lead- ers are always looking out for the well-being of society as a whole, that they are aiming for an optimal combination of efficiency and equality. Nice, perhaps, but not realistic. Self-interest is as powerful a motive for political actors as it is for con- sumers and firm owners. Some politicians,le pliage longchamp, longchamp messenger bag motivated by a desire for reelection, are willing to sacrifice the national interest to solidify their base of voters.
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unemploymenT 611states that such a constraint on firms is unnecessary in many cases because firms may be better off keeping longchamp le pliage large tote wages above the equilibrium level. Why should firms want to keep wages high? This decision may seem odd at first,long champ bags, for wages are a large part of firms costs. Normally, we expect profit- maximizing firms to want to keep costsand therefore wagesas low as possi- ble. The novel insight of efficiency-wage theory is that paying high wages might be profitable because they might raise the efficiency of a firms workers. There are several types of efficiency-wage theory. Each type suggests a differ- ent explanation for why firms may want to pay high wages. Lets now consider four of these types. Worker Health The first and simplest type of efficiency-wage theory emphasizes the link between wages and worker health. Better paid workers eat a more nutritious diet, Longchamp Le Pliage sale and workers who eat a better diet are healthier and more productive. A firm may find it more profitable to pay high wages and have healthy,chanel bags, productive workers than to pay lower wages and have less healthy,longchamp eiffel tower, less productive workers. This type of efficiency-wage theory can be relevant for explaining unemploy- ment in less developed countries where inadequate nutrition can be a problem. In these countries, firms may fear that cutting wages would, in fact, adversely influ- ence their workers health and productivity.
In other words, nutrition concerns may explain why firms may maintain above-equilibrium wages despite a surplus of labor. Worker health concerns are far less relevant for firms in rich countries such as the United States, where the equilibrium wages for most workers are well above the level needed for an adequate diet. Worker Turnover A second type of efficiency-wage theory emphasizes the link between wages and worker turnover. Workers quit jobs for many reasons: to take jobs in Longchamp Messenger other firms,longchamp online store, to move to other parts of the country, to leave the labor force,kipling outlet store, and so on. The frequency with which they quit depends on the entire set of incentives they face, including the benefits of leaving and the benefits of staying. The more a firm pays its workers, the less often its workers will choose to leave. Thus, a firm can reduce turnover among its workers by paying them a high wage. Why do firms care about turnover? The reason is that it is costly for firms to hire and train new workers. Moreover, even after they are trained, newly hired workers are not as productive as experienced workers. Firms with higher turn- over, Longchamp therefore,hobo purses, will tend to have higher production costs.
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The Basic Tools of finance 587 you are a witch and forecasting market expert knows two truths about investing: Fargo. Longchamp But I sure wish I had bought stockmoves from chicken droppings. 1) Past performance is no indication of in Wells Fargo at the time I hated them theInvesting in Well-Managed future performance. 2) You need to consider most, because Wells Fargo itself performed a companys track record. great. See how this works? Companies Right, yes,longchamp outlet hk, those are opposites. And its pretty much all that anyone knows about Do Your Own Research When companies make money,longchamp le pliage l, we assume investing. An investment professional can I didnt let Wells Fargo manage my entirethey are well-managed. That perception argue for any sort of investment decision by portfolio, thanks to my native distrust of allis reinforced by the CEOs of those com- selectively ignoring either point 1 or 2. And humanity. Longchamp Le Pliage For the other half of my portfoliopanies who are happy to tell you all the for that you will pay the investment profes- I did my own research. (Imagine a field ofclever things they did to make it happen. sional 1% to 2% of your portfolio value red flags,longchamp sac pliage, all wildly waving. I didnt noticeThe problem with relying on this source of annually, no matter the performance. them.) My favorite investment was in ainformation is that CEOs are highly skilled in a special form of lying called leadership.
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The Real economy in The long Longchamp Hobo Run generations get some of the benefit when one generation fights a war to defend the nation against foreign aggressors. One large increase in government debt that cannot be explained by war is the increase that occurred beginning around 1980. When President Ronald Reagan took office in 1981, he was committed to smaller government and lower taxes. Yet he found cutting government spending to be more difficult politically than cutting taxes. The result was the beginning of a period of large budget deficits that continued not only through Reagans time in office but also for many years thereafter. As a result, government debt rose from 26 percent of GDP in 1980 to 50 percent of GDP in 1993. As we discussed earlier, Longchamp Le Pliage Backpack government budget deficits reduce national saving,longchamp le pliage discount, investment, and long-run economic growth, and this is precisely why the rise in government debt during the 1980s troubled many economists and policymakers. When Bill Clinton moved into the Oval Office in 1993, deficit reduction was his first major goal. Similarly,le pliage longchamp, when the Republicans took control of Congress in 1995, deficit reduction was high on their legislative agenda. Both of these efforts substan- tially reduced the size of the government budget deficit, and it eventually turned into a surplus.
As a result,longchamp purses, by the late 1990s, the debt-GDP ratio was declining. The debt-GDP ratio started rising again during the first few years of the George W. Bush presidency, as the budget surplus turned into a budget deficit. Longchamp There were three reasons for this change. First,longchamp le pliage shop, President Bush signed into law several major tax cuts,longchamp singapore, which he had promised during the 2000 presidential campaign. Second, in 2001, the economy experienced a recession (a reduction in economic activity), which automatically decreased tax revenue and increased government spending. Third, spending on homeland security following the September 11,discount designer handbags, 2001 attacks and the subsequent wars in Iraq and Afghanistan led to increases in government spending. Truly dramatic increase in the debt-GDP ratio started occurring in 2008, as the economy experienced a financial crisis and a deep recession (a topic we will be addressing more fully in coming chapters). The recession automatically increased the budget deficit,longchamp tote bags, and several policy measures passed longchamp messenger bag by the Bush and Obama administrations aimed at combating the recession reduced tax revenue and increased government spending even more.
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Imagine that Peter and Paul are thirsty travelers trapped at different places in the desert. Peters oasis has a lot of water; longchamp le pliage large tote Pauls has only a little. If the government could transfer water from one oasis to the other without cost, it would maximize total utility from water by equalizing the amount in the two places. But suppose that the government has only a leaky bucket. As it tries to move water from one place to the other,longchamp le pliage red, some of the water is lost in transit. In this case, a utilitarian government might still try to move some water from Peter to Paul, depending on the size of Pauls thirst and the size of the buckets leak. But with only a leaky bucket at its disposal,longchamp bags le pliage, a utilitar- ian government will stop short of trying to reach complete equality. Longchamp Small Liberalism A second way of thinking about inequality might be called liberalism. Philoso- liberalism pher John Rawls develops this view in his book A Theory of Justice. This book was the political philosophyfirst published in 1971, and it quickly became a classic in political philosophy. according to which theRawls begins with the premise that a societys institutions, laws, and policies government should should be just. He then takes up the natural question: How can we, the members choose policies deemedof society, ever agree on what justice means? It might seem that every persons just, as evaluated by anpoint of view is inevitably based on his or her particular circumstanceswhether impartial observer behindhe or she is talented or less talented, diligent or lazy, educated or less educated,sac longchamp pliage noir, a "veil of ignorance"born to a wealthy family or a poor one. Could we ever objectively determine what a just society would be?
By contrast, a person running a coffee shop can long-run average total buy another coffee maker within a few days. longchampThere is, therefore, no single answer cost falls as the quantity to how long it takes a firm to adjust its production facilities. of output increases Economies and Diseconomies of Scale diseconomies of The shape of the long-run average-total-cost curve conveys important informa- scale tion about the production processes that a firm has available for manufacturing a the property whereby good. In particular, it tells us how costs vary with the scalethat is, the sizeof a long-run average total firms operations. When long-run average total cost declines as output increases, cost rises as the quantity there are said to be economies of scale. When long-run average total cost rises of output increases as output increases, there are said to be diseconomies of scale. Longchamp Le Pliage Backpack When long-run
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Topics for furTher sTudy Quick Quiz Draw some indifference curves for pizza and Pepsi. Explain the four properties of these Longchamp Le Pliage Large indifference curves. Optimization: What the Consumer Chooses The goal of this chapter is to understand how a consumer makes choices. We have the two pieces necessary for this analysis: the consumers budget constraint (how much he can afford to spend) and the consumers preferences (what he wants to spend it on). Now we put these two pieces together and consider the consumers decision about what to buy. The Consumers Optimal Choices Consider once again our pizza and Pepsi example. The consumer would like to end up with the best possible combination of pizza and Pepsi for himthat is, the combination on his highest possible indifference curve. But the consumer must also end up on or below his budget constraint,longchamp le pliage medium, which measures the total resources available to him. Figure 6 shows the consumers budget constraint and three of his many indif- ference curves. The highest indifference curve that the consumer can reach (I2 in the figure) is the one that just barely touches his budget constraint. The point at which this indifference curve and the budget constraint touch Longchamp outlet is called the opti- mum.
The consumer would prefer point A, but he cannot afford that point because it lies above his budget constraint. The consumer can afford point B, but that point is on a lower indifference curve and,luggage outlet store, therefore, provides the consumer less satis- faction. The optimum represents the best combination of pizza and Pepsi available to the consumer. Notice that, at the optimum, the slope of the indifference curve equals the slope of the budget constraint. We say that the indifference curve is tangent to the budget constraint. The slope of the indifference curve is the marginal rate of substitution between pizza and Pepsi,kipling outlet store, and the slope of the budget constraint is the Figure Quantity 6 of Pepsi The Consumers Optimum The consumer chooses the point on his budget constraint that lies on the highest Optimum indifference curve. At this point,sacs longchamps pliage, called the B optimum,paul smith outlet, the marginal rate of substitution A equals the relative price of the two goods. Here the highest indifference curve the I consumer can reach is I. The consumer prefers 3 2 I point A,longchamp le pliage price, which lies on indifference curve I3, 2 I1 but the consumer cannot afford this bundle of pizza and Pepsi. By contrast,le pliage longchamp sale, point B Budget constraint is affordable, but because it lies on a lower 0 Quantityindifference curve,longchamp Longchamp Cosmetic Bag sale 2010, the consumer does not of Pizzaprefer it.
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PART vi THE ECONOMICS OF LABOR MARKETS 1. Longchamp Outlet Store Does the richest fifth of the U.S. population 5. How would a utilitarian,shop longchamp, a liberal, and a earn closer to two,longchamp le pliage type m, four, or ten times the income libertarian determine how much income of the poorest fifth? inequality is permissible? 2. How does the extent of income inequality in 6. What are the pros and cons of in-kind (rather the United States compare to that of other than cash) transfers to the poor? nations around the world? 7. Describe how antipoverty programs can 3. What groups in the U.S. population are most discourage the poor from working. How might likely to live in poverty? you reduce this disincentive? What are the 4. When gauging the amount of inequality, disadvantages of your proposed policy? why do transitory and life cycle variations in income cause difficulties? 1. Table 2 shows that income inequality in the 5. Consider two communities. In one community,handbag sale, United States has increased since 1970. Some ten families have incomes of $100,chanel bags for sale, Longchamp Backpack 000 each and factors contributing to this increase were ten families have incomes of $20,000 each. In discussed in Chapter 19.
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the Costs oF ProduCtion 269 Costs Figure $3.50 4 3.25 longchamp messenger bag Conrads Average-Cost and 3.00 Marginal-Cost Curves This figure shows the average 2.75 total cost (ATC ), average fixed 2.50 cost (AFC ),longchamp le pliage shop, average variable cost 2.25 (AVC ),longchamp le pliage navy, and marginal cost (MC ) MC for Conrads Coffee Shop. All 2.00 of these curves are obtained by 1.75 graphing the data in Table 2. ATC These cost curves show three 1.50 features that are typical of many 1.25 firms: (1) Marginal cost rises AVC 1.00 with the quantity of output. (2) 0.75 The average-total-cost curve is U-shaped. (3) The marginal-cost 0.50 curve crosses the average-total- AFC cost curve at the minimum of 0.25 average total cost. 0 1 2 3 4 5 6 7 8 9 10 Quantity of Output (cups of coffee per hour) his shop is crowded with workers,longchamp coupon, and most of his equipment is fully utilized. Conrad can produce more coffee by adding workers,purses, but these new workers have to work in crowded conditions and may have to wait to Longchamp Le Pliage Backpack use the equipment. Therefore, when the quantity of coffee produced is already high,longchamp le pliage shopping, the marginal product of an extra worker is low, and the marginal cost of an extra cup of coffee is large.
U-Shaped Average Total Cost Conrads average-total-cost curve is U-shaped, as shown in Figure 4. To understand why, remember that average total cost is the sum of average fixed cost and average variable cost. Average fixed cost always declines as output rises because the fixed cost is spread over a larger number of units. Average variable cost typically rises as output increases because of dimin- ishing marginal product. Average total cost reflects the shapes of both average fixed cost and average variable cost. At very low levels of output, such as 1 or 2 cups per hour, average total cost is very high. Even though average variable cost is low,longchamp outlet hk, average fixed cost is high because the fixed cost is spread over only a few units. As output increases,longchamp le pliage travel, the fixed cost is spread more widely. Average fixed cost declines, rapidly at first and then more slowly. As a result, average total cost also declines until the firms output reaches 5 cups of coffee per hour,longchamp le pliage large shopper, when average total cost is $1.30 per cup. When the firm produces more than 6 cups per hour, however, the increase in aver- age variable cost becomes the dominant force, Longchamp Outlet Store and average total cost starts rising. The tug of war between average fixed cost and average variable cost generates the U-shape in average total cost.
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Public Policies toward Externalities We have discussed why externalities lead markets to allocate resources ineffi- ciently but have Longchamp Le Pliage mentioned only briefly how this inefficiency can be remedied. In practice,discount longchamp le pliage, both public policymakers and private individuals respond to exter- nalities in various ways. All of the remedies share the goal of moving the alloca- tion of resources closer to the social optimum. This section considers governmental solutions. As a general matter,bag longchamp, the govern- ment can respond to externalities in one of two ways. Commandandcontrol policies regulate behavior directly. Marketbased policies provide incentives so that private decision makers will choose to solve the problem on their own. Graph the market for theater tickets, labeling target the firms that should undertake bigger the demand curve, the social-value curve, reductions? the supply curve, the social-cost curve, the c. Economists argue that appropriate corrective market equilibrium level of output, and the taxes or tradable pollution rights will result .
The result is the mistakes the Europeans made in setting an increase in the effective tax rates facing up a cap-and-trade system was to give too most Americans,le pliage longchamp sale, leading to lower real take- many of those permits away." home wages, reduced work incentives,longchamp le pliage red, Longchamp Le Pliage Large and Congress is now in the process of depressed economic activity. sending President Obama a bill that makes The hard question is whether,longchamp handbags, on net, exactly this mistake. such a policy is good or bad. Here you can How much does it matter? For the pur- find policy wonks on both sides. To those n ipose of efficiently allocating the carbon who view climate change as an impending l .rights, it doesnt. Even if these rights are catastrophe and the distorting effects of id vhanded out on political rather than conomic the tax system as a mere annoyance,longchamp les pliage, an d Source: New York Times, August 9, 2009.
They both use force (eitherowes you compensation for enduring the compensate your pharmacist? If you move to directly or through the power of the law)downside of trade, what do you owe the a cheaper apartment, should you compensate to enrich someone else at your involun-world for enjoying the upside? your landlord? When you eat at McDonalds, tary expense. If youre forced to pay $20 I doubt theres a human being on earth should you compensate the owners of the an hour to an American for goods youwho hasnt benefited from the opportunity diner next door? Public policy should not be could have bought from a Mexican for $5to trade freely with his neighbors. Imagine designed to advance moral instincts that we an hour, youre being extorted. When awhat your life would be like if you had to all reject every day of our lives. free trade agreement allows you to buygrow your own food, make your own clothes In what morally relevant way, then, from the Mexican after all, longchamp hobo bag rejoice in yourand rely on your grandmothers home reme- might displaced workers differ from dis- liberation. Source: New York Times, January 16, 2008.
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Iv The economics of The Public secTor c. Longchamp Le Pliage Small The towns Efficiency Party thinks Wiknam higher fares during rush hours than during the should produce as many fish as it can. To rest of the day. Why might they do this? achieve this goal, how many of the residents 10. The federal government tests the safety of should fish in the lake and how many should car models and provides the test results free work on the farms? (Hint: Create a table that of charge to the public. Do you think this shows the number of fish producedon information qualifies as a public good? Why or farms, from the lake, and in totalfor each N why not? from 0 to 5.) 11. High-income people are willing to pay more d. The Efficiency Party proposes achieving its than lower-income people to avoid the risk goal by taxing each person fishing in the lake of death. For example,longchamp messenger bag, they are more likely to by an amount equal to T fish per day. It will pay for safety features on cars. Do you think then distribute the proceeds equally among costbenefit analysts should take this fact all Wiknam residents.
(Fish are assumed to into account when evaluating public projects? be divisible,longchamp shop, so Longchamp Outlet these rebates need not be Consider, for instance, a rich town and a whole numbers.) Calculate the value of T poor town, both of which are considering the that would yield the outcome you derived in installation of a traffic light. Should the rich part (c). town use a higher dollar value for a human life e. Compared with the Freedom Partys hands- in making this decision? Why or why not? off policy, who benefits and who loses from the imposition of the Efficiency Partys For further information on topics in this chapter, fishing tax? additional problems,sac longchamp pliage prix, applications,longchamp bags, examples,longchamp le pliage bag, online 9. Many transportation systems,longchamp le pliage m, such as the quizzes,longchamp le pliage arbre de vie, and more, please visit our website at www Washington,longchamp le pliage red, D.C., Metro (subway), charge .cengage.com/economics/mankiw.If he plants 2 bags, he gets 5 bushels. If he plants 3 bags, he gets 6 bushels. A bag of seeds costs $100, and seeds are his only cost. Use these data to graph the farmers production function and total-cost curve. Explain their shapes. The Various Measures of Cost Our analysis of Carolines Cookie Factory demonstrated how a firms total cost reflects its production function. From data on Longchamp Eiffel a firms total cost,sac longchamp pliage, we can derive several related measures of cost, which will turn out to be useful when we nalyze .
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determinants of how scarce resources. eFor ev ery gvoo sdl in t he econoamrdy?, much producers want to sell include input prices,longchamp pliage prix, Longchamp Le Pliage the price ensures that supply and demand are in technology, expectations,paul smith outlet, and the number of sell- balance. The equilibrium price then determines ers. If one of these factors changes, the supply how much of the good buyers choose to consume Sueye smCtoaiorCe ftsr reviewcurve shifts. and how much sellers choose to produce. Copyright 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned,longchamp online outlet, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Is that fair? Quick Quiz Draw the supply and demand for turkey. In the equilibrium, longchamp large show pro- ducer and consumer surplus. Explain why producing more turkeys would lower total surplus. Conclusion: Market Efficiency and Market Failure This chapter introduced the basic tools of welfare economicsconsumer and producer surplusand used them to evaluate the efficiency of free markets. We showed that the forces of supply and demand allocate resources efficiently. That is, even though each buyer and seller in a market is concerned only about his or her own welfare,longchamp le pliage m, they are together led by an invisible hand to an equilibrium that maximizes the total benefits to buyers and sellers. A word of warning is in order. To conclude that markets are efficient, we made several assumptions about how markets work. When these assumptions do not hold,mandarina duck outlet, our conclusion that the market equilibrium is efficient may no longer be true. As we close this chapter,longchamp outlet woodbury, Longchamp sale lets consider briefly two of the most important of these assumptions.
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PART II How Markets work Figure 4 If warnings on cigarette packages convince smokers to smoke less, the demand curve for cigarettes shifts to the left. In panel (a),longchamp le pliage on sale, the demand curve shifts from D1 to D2. Longchamp Le Pliage AtShifts in the Demand a price of $2.00 per pack,le pliage large, the quantity demanded falls from 20 to 10 cigarettes perCurve versus Movements day,sac longchamp pliage taille l, as reflected by the shift from point A to point B. By contrast,longchamp pliage large, if a tax raises thealong the Demand Curve price of cigarettes, the demand curve does not shift. Instead, we observe a movement to a different point on the demand curve. In panel (b), when the price rises from $2.00 to $4.00, the quantity demanded falls from 20 to 12 cigarettes per day, as reflected by the movement from point A to point C. (a) A Shift in the Demand Curve (b) A Movement along the Demand Curve Price of Price of A tax that raises the price Cigarettes, A policy to discourage Cigarettes, smoking shifts the of cigarettes results in a per Pack per Pack movement along the demand curve to the left. C $4.00 demand curve. Longchamp Eiffel Tower Bag $2.00 B A 2.00 A D D 1 1 D2 0 10 20 0 12 20 Number of Cigarettes Smoked per Day Number of Cigarettes Smoked per Day Alternatively,longchamp purse, policymakers can try to raise the price of cigarettes. If the gov- ernment taxes the manufacture of cigarettes, for example, cigarette companies pass much of this tax on to consumers in the form of higher prices. A higher price encourages smokers to reduce the numbers of cigarettes they smoke.
In this case, the reduced amount of smoking does not represent a shift in the demand curve. Instead, it represents a movement along the same demand curve to a point with a higher price and lower quantity, as in panel (b) of Figure 4. How much does the amount of smoking respond to changes in the price of cigarettes? Economists have attempted to answer this question by studying what happens when the tax on cigarettes changes. They have found that a 10 percent increase in the price causes a 4 percent reduction in the quantity demanded. Teenagers are found to be especially sensitive to the price of cigarettes: A 10 per- cent increase in the price causes a 12 percent drop in teenage smoking. A related question is how the price of cigarettes affects the demand for illicit drugs, Longchamp Cosmetic Bag such as marijuana. Opponents of cigarette taxes often argue that tobacco and marijuana are substitutes so that high cigarette prices encourage marijuana use. By contrast, many experts on substance abuse view tobacco as a "gateway drug" leading the young to experiment with other harmful substances.
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PART II HOW MARKETS WORK tax paid by workers. Would this accomplish answer change if the demand for unskilled the senators goal? Explain. longchamp outlet store labor were elastic? 6. If the government places a $500 tax on luxury 9. The U.S. government administers two pro- cars, will the price paid by consumers rise by grams that affect the market for cigarettes. more than $500, less than $500, or exactly $500? Media campaigns and labeling jxxlz236 requirements Explain. are aimed at making the public aware of the 7. Congress and the president decide that the dangers of cigarette smoking. At the same United States should reduce air pollution by time, the Department of Agriculture maintains reducing its use of gasoline. They impose a a price-support program for tobacco farmers,longchamp outlet orlando, $0.50 tax for each gallon of gasoline sold. which raises the price of tobacco above the a. Should they impose this tax on producers equili rium price. or consumers? Longchamp Outlet Explain carefully using a a. How do these two programs affect cigarette supply-and-demand diagram. consumption? Use a graph of the cigarette b.
If the demand for gasoline were more elas- market in your answer. tic, would this tax be more effective or less b. What is the combined effect of these two effective in reducing the quantity of gasoline programs on the price of cigarettes? consumed? Explain with both words and a c. Cigarettes are also heavily taxed. What effect diagram. does this tax have on cigarette consumption? c. Are consumers of gasoline helped or hurt by 10. At Fenway Park,longchamps bags, home of the Boston Red Sox, this tax? Why? seating is limited to 39,000. Hence, the number d. Are workers in the oil industry helped or of tickets issued is fixed at that figure. Seeing a hurt by this tax? Why? golden opportunity to raise revenue, the City of 8. A case study in this chapter discusses the fed- Boston levies a per ticket tax of $5 to be paid by eral minimum-wage law. the ticket buyer. Boston sports fans,sac lollipops, a famously a. Suppose the minimum wage is above civic-minded lot, dutifully send in the $5 per the equilibrium wage in the market ticket. Draw a well-labeled graph showing the for unskilled labor. Longchamp Arbre De Vie Using a supply- impact of the tax. On whom does the tax burden and-demand diagram of the market for fallthe teams owners,longchamp le pliage bags, the fans, or both? Why?
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xviii acknowledgmentS many people involved in such a large project. Longchamp Bags Jennifer Thomas (supervising devel- opmental editor) and Katie Yanos (supervising developmental editor) were crucial in assembling an extensive and thoughtful group of reviewers to give me feed- back on the previous edition,longchamp purses on sale, while putting together an excellent team to revise the supplements. Colleen Farmer, senior content project manager,sac longchamp pliage taille l, and Malvine Litten, project manager, had the patience and dedication necessary to turn my manu- script into this book. Michelle Kunkler, senior art director, gave this book its clean, friendly look. Larry Moore, the illustrator, jxxlz235 helped make the book more visually appealing and the economics in it less abstract. Sheryl Nelson, copyeditor,longchamp les pliage, refned my prose, and Cindy Kerr, indexer, prepared a careful and thorough index. John Carey, senior marketing manager,longchamp shop, worked long hours getting the word out to po- tential users of this book. The rest of the Cengage team was also consistently pro- fessional,louis vuitton taschen outlet, enthusiastic, and dedicated: Longchamp Le Pliage Medium Allyn Bissmeyer,longchamp pliage large,
Darrell Frye, Sarah Greber, Betty Jung, Deepak Kumar, Kim Kusnerak, Sharon Morgan, Suellen Ruttkay, and Joe Sabatino. I am grateful also to Stacy Carlson and Daniel Norris, two star Harvard under- graduates,paul smith outlet, who helped me refine the manuscript and check the page proofs for this edition. Josh Bookin,longchamp totes, a former Advanced Placement economics teacher and recently an extraordinary section leader for Harvards Ec 10, gave invaluable advice on some of the new material in this edition. As always, I must thank my "in-house" editor Deborah Mankiw. As the first reader of most things I write, she continued to offer just the right mix of criticism and encouragement. Finally, I would like to mention my three children Catherine, Nicholas, and Peter. Their contribution to this book was putting up with a father spending too many hours in his study. The four of us have much in commonnot least of which is our love of ice cream (which becomes apparent in Chapter 4). Maybe sometime soon one of them will pick up my passion for economics as well. N. Gregory Mankiw December 2010.(If you dont recall what slope is,longchamp eiffel tower, you can refresh your memory with the graphing appendix to this chapter.) The opportunity cost of a car in terms of the number of computers is not con- stant in this economy but depends on how many cars and computers the economy is producing. This is reflected in the shape of the production possibilities frontier. Because the production possibilities frontier in Figure 2 is bowed outward, the opportunity cost of a car is highest when the economy is producing many cars and few computers, such as at point E,le pilage, Longchamp Le Pliage Small where the frontier is steep.
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