Economics is Everywhere (4th Edition)
Format: PDF / Kindle (mobi) / ePub
The purpose of Economics Is Everywhere by Daniel S. Hamermesh is to illustrate the wide range of daily activities to which an economic way of thinking can be applied. Each of the 401 vignettes is inspired by an everyday event that students came up with or were inspired by news articles, films, personal life or popular culture. The book is organized into three parts to follow the topical arrangement of a typical introductory microeconomic textbook. These vignettes apply what students learn in their introductory microeconomics textbook. They focus on the student's ability to apply formal analysis with myriad of examples that come out of their daily activities. After studying this applications/issues book, students will be able to read a newspaper or magazine and understand their own daily activities in a new, economic way---and as a result understand the economics at work around them.
services and top quality flowers. When words simply fail you . . . we’ll help you get your message across. No matter HOW, WHEN and WHY—to your LOVED ONES—ANYWHERE under the sky. (As expected, there will be price adjustment for Valentine’s Day flora order, especially for roses. Please ask for quotation before delivery. Prices shown here are not applicable for Valentine season.)” The company clearly understands that there is a rightward shift in the demand curve for flowers around Valentine’s Day,
week. Normally the price is $3 for 10 mg, but it rises during exam week to at least $5. One student reports that drug dealers in his suburban Dallas hometown, realizing this price variation, speculated by buying up large supplies of the drug at $3 and dumping them on the market during exam week, hoping to sell at $5. They didn’t realize that this large increase in supply would cause the price to drop below $5 during exam week. Indeed, so many dealers engaged in speculation that there was a
are good at one thing are good at the other, and those who are mediocre at one are typically mediocre at both. There is a trade-off Hamermesh_HAMERMESH4E 7/21/11 5:09 PM Page 7 TRADE-OFFS AND OPPORTUNITY COST 7 for each individual, but the overall level of ability differs among professors so that some professors can perform better in both areas. Q: Draw the production possibility curves for a high-ability professor and a low-ability professor that are implied by this vignette. Label the axes
company must charge a low price. He then mentioned a problem in a related market: The usedtextbook market in the United States has been growing. He and his colleagues believe this has occurred partly because international buyers buy up used copies of the low-priced textbooks that originally were sold abroad. They then ship them back to the United States, where they are resold at the high price in the U.S. market for used books. The original publisher finds the market for new books in the United
makes this kind of statement? If not, why would the government do such a thing? 14.23 Zocor®, a cholesterol-reducing drug designed for heart patients, is one of the most widely sold prescription drugs in the world. Unfortunately for its manufacturers, the patent on it ran out in 2006, meaning that their monopoly power over the drug’s sales ended. Even before the expiration date, however, an upstart company was marketing a generic version of the drug at a much lower price.