By Robert Frank
Robert Frank’s Microeconomics and behaviour covers the fundamental subject matters of microeconomics whereas exploring the connection among economics research and human habit. The book’s transparent narrative appeals to scholars, and its quite a few examples support scholars enhance monetary instinct. This publication introduces glossy subject matters rarely present in intermediate textbooks. Its concentration all through is to improve a student’s ability to "think like an economist."
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Additional resources for Microeconomics and Behavior (7th Edition)
Tom should thus launch three boats. 4 If the marginal cost of launching each boat had not been $100 but $150, how many boats should Tom have launched? The cost-benefit principle tells us that marginal costs and benefits—measures that correspond to the increment of an activity under consideration—are the relevant ones for choosing the level at which to pursue the activity. Yet many people compare the average cost and benefit of the activity when making such decisions. 8 should have made clear, however, increasing the level of an activity may not be justified, even though its average benefit at the current level is significantly greater than its average cost.
5 Of course, if the homeowner interacts frequently with the people downwind, self-interest may still dictate hauling the leaves, to preserve goodwill for future interactions. But where the people downwind are anonymous strangers, this motive will operate with less force. fra7573x_ch01_001-024 8/10/07 6:46 PM Page 17 THE ECONOMIC NATURALIST Such laws may be viewed as a way of making the costs and benefits seen by individuals more nearly resemble those experienced by the community as a whole. With a law against burning leaves in effect, the potential leaf burner weighs the penalty of breaking the law against the cost of hauling the leaves.
Here too C(x) need not involve an explicit transfer of money. For most decisions, at least some of the benefits or costs will not be readily available in monetary terms. To see how we proceed in such cases, consider the following simple decision. Should I turn down my stereo? You have settled into a comfortable chair and are listening to your stereo when you realize that the next two tracks on the disc are ones you dislike. If you had a programmable player, you would have programmed it not to play them.