Pearson offers affordable and accessible purchase options to meet the needs of your students. Connect with us to learn more. Miller is a legal specialist and author of numerous books on law and the legal environment, including criminal procedure. In addition, Miller has authored books on the war on drugs, the economics of crime and criminal behavior, and on related topics.
Daniel K. Walker Department of Economics, Clemson University. Cloth Bound with Access Card. We're sorry! We don't recognize your username or password. Please try again. The work is protected by local and international copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. You have successfully signed out and will be required to sign back in should you need to download more resources.
Economics of Public Issues, 20th Edition. Description For principles of economics, public policy, and social issues courses. Brief, relevant readings that spark independent thinking and classroom discussions The Economics of Public Issues is a collection of brief, relevant readings that spark independent thinking and classroom discussion in principles of economics and social issues.
Spark independent thinking and classroom discussion Readings are concise , allowing for easy integration into any principles of economics or issues-based classroom. A correlation guide in the preface illustrates how to integrate topics into different courses. Conversational and informative non-technical writing is geared toward principles-level students and does not require advanced math. Using the latest debates in social policy , the authors encourage readers to question their own assumptions and the analysis offered by the media and politicians on key issues.
End-of-chapter questions offer students the opportunity to test their knowledge and review chapter concepts. A Glossary is included at the back of the book to help students use new terms. Illustrate the power of economics in explaining the world around us NEW! Chapter Health Insurance for All. All remaining chapters have been updated so that students get the most current evidence on each topic in the text.
New to This Edition. Or Maybe Not Chapter Save That Species Chapter Globalization and the Wealth of America All remaining chapters have been updated so that students get the most current evidence on each topic in the text.
Death by Bureaucrat 2. First, firms receive a higher price per unit P1 on all of the Q0 units that they had previously been willing to sell at P0. This increment to profit is simply P1 — P0 Q0. The higher price also induces firms to sell Q1 — Q0 additional units, on which new profits are also earned. With a linear supply curve, for example, this increment to profits is given by 0. Despite the higher price of the good, consumers also benefit from the innovation.
This is because the marginal value of the good rises by more than the price of the good rises: the increase in marginal value, shown by the distance from A to V, exceeds the price rise, P1 — P0. As with suppliers, we can think of the gain to consumers consisting of two parts. First, they enjoy more consumer surplus on the Q0 units they were consuming prior to the innovation. Second, the rise in quality induces buyers to purchase more, and they enjoy new gains from trade on these Q1 — Q0 units.
Panel b shows the effect of a different type of innovation, one that reduces the marginal and thus average and total cost of producing the good.
Again we have pre-innovation demand and supply curves D0 and S0, with the initial equilibrium at point A. Prior to the innovation, price and quantity are shown by P0 and Q0. The innovation causes marginal costs to fall by an amount equal to the vertical distance between A and C.
This cost reduction causes the industry supply curve to shift to S1. Competition among. The gain to consumers is immediately apparent, and is brought about by the fall in the equilibrium price of the good.
Consumers enjoy higher gains from trade consumer surplus of P0 — P1 on each of the original Q0 units consumed, plus they enjoy added consumer surplus on the extra units Q1 — Q0 they buy at the new, lower price. Suppliers also gain from the innovation, despite the fall in equilibrium price.
This occurs because the per-unit cost reduction the vertical distance from A to C exceeds the price reduction the vertical distance from P0 to P1. Again, we can think of these new profits or producer surplus conceptually as stemming from two sources: the firms earn more on the Q0 units they had been willing to sell before at the old price and costs, and they also profit from selling more units.
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