Professor Parkin’s research on macroeconomics, monetary economics, and international economics has resulted in over 160 publications in journals and edited volumes, including the American Economic Review and the Journal of Monetary Economics and as managing editor of the Canadian Journal of Economics. He is a past president of the Canadian Economics Association and has served on the editorial boards of the American Economic Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. ISBN 10: 0-13-139425-8 ISBN 13: 978-0-13-139425-4ĪBOUT THE AUTHOR Michael Parkin is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Library of Congress Cataloging-in-Publication Data Parkin, Michael, 1939– Microeconomics/Michael Parkin. For information on obtaining permission for use of material in this work, please submit a written request to Pearson Education, Inc., Rights and Contracts Department, 501 Boylston Street, Suite 900, Boston, MA 02116, fax your request to 61, or e-mail at. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Text Design, Project Management and Page Make-upĬover Image: Medioimages/PhotoDisc/Getty Images Photo credits appear on page C-1, which constitutes a continuation of the copyright page. MICHAEL PARKIN University of Western Ontario If your book did not come packaged with a MyEconLab Access code, visit MyEconLab to purchase access at any time. You will need a Course ID from your instructor to enroll in their course. If your book came packaged with a MyEconLab Access code, go to to register and log in. A graphing tool enables you to build and manipulate graphs to better understand how concepts, numbers, and graphs connect.Animated graphs, with audio narration, appeal to a variety of learning styles.Links to the eText promote reading of the text when you need to revisit a concept or explanation.Guided Solutions are available for select problems. Step-by-step Guided Solutions help you break down a problem much the same way as an instructor would do during office hours.
Study Plan problems link to learning resources that further reinforce concepts you need to master. Many Study Plan exercises contain algorithmically generated values to ensure that you get as much practice as you need. Unlimited Practice As you work each exercise, instant feedback helps you understand and apply the concepts. In 2008, the price of corn increased by 35 per. Explain how the rise in the price of gasoline would affect a. Assume that there were no changes in average income, population, or any other influence on buying plans. By spring 2010, the price had increased to $3.00 a gallon. In January 2010, the price of gasoline was $2.70 a gallon. The demand for rice? Explain your answer. The demand for beef? Explain your answer. How do you expect the following would change: a. If the money price of bacon was 20¢ a pound, what do you predict was the money price of butter? What is the relative price of butter in terms of wool? b. Study Plan The Study Plan consists of practice problems taken directly from the end-ofchapter Study Plan Problems and Applications in the textbook.ġ yard of cloth for 1 pound of bacon 2 yards of cloth for 1 pound of butter 4 yards of cloth for 1 pound of wool 8 yards of cloth for 1 bushel of salt a.
In December 1862, he placed a notice in the Edgehill Advertiser announcing his willingness to exchange cloth for food and other items. William Gregg owned a mill in South Carolina. STUDY PLAN PROBLEMS AND APPLICATIONS You can work Problems 1 to 17 in MyEconLab Chapter 3 Study Plan and get instant feedback.ġ. When you take a sample test online, MyEconLab gives you targeted feedback and a personalized Study Plan to identify the topics you need to review. MyEconLab Provides the Power of Practice Optimize your study time with MyEconLab, the online assessment and tutorial system.
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