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Economics 11e This new edition of the popular text by David Begg and Gianluigi Vernasca enables the reader to understand today's economic environment by. Economics by Begg, David and Fischer, Stanley - Free download as PDF File . pdf), Text File .txt) or read online for free. Essentials of Economics, 7e is the market leader for the one-semester survey course. It provides a solid .. Economics, 9/e. David Begg, Imperial College, University of London .. *Receive a FREE PDF review copy in minutes! Register .
Boxes Part 3 : Welfare economics Chapter Welfare economics disaster is avoided. Indirect control, through taxes or charges, runs the risk that the government does its sums wrong and set the tax too low. Pollution is then higher than intended and may be disastrous. Regulating the total quantity of pollution, with spot checks on compliance by individual producers, is a simple policy that avoids the worst outcomes. However, by ignoring differences in the marginal cost of reducing pollution across different polluters, it does not reduce pollution in the way that is cost-minimizing to society.
Is it more sensible to intervene through the tax system than to regulate quantities directly? Many economists prefer taxes to quantity restrictions. If each firm is charged the same price or tax for a marginal unit of pollution, each firm equates the marginal cost of reducing pollution to the price of pollution.
Any allocation in which different firms have different marginal costs of reducing pollution is inefficient. If firms with low marginal reduction costs contract further and firms with high marginal reduction costs contract less, lower pollution is achieved at less cost.
The main problem with using taxes rather than quantity restrictions is uncertainty about outcome. Suppose pollution beyond a critical level has disastrous consequences, for example irreversibly damaging the ozone layer. By regulating the quantity directly, society can ensure a Examples throughout the chapters bring economics to life and demonstrate the application of theories and concepts to contemporary issues.
Lessons from the United States The US has gone furthest in trying to use property rights and the price mechanism to cut back pollution efficiently. The US Clean Air Acts established an environmental policy that includes an emissions trading programme and bubble policy. The Acts lay down a minimum standard for air quality and impose pollution emission controls to particular polluters.
Any polluter emitting less than their specified amount gets an emission reduction credit ERC , which can be sold to another polluter wanting to exceed its allocated pollution limit.
Thus, the total quantity of pollution is regulated but firms that can reduce pollution cheaply have an incentive to do so, and sell off the ERC to firms for which pollution reduction is more expensive.
We get closer to the efficient solution in which the marginal cost of pollution reduction is equalized across firms. When a firm has many factories, the bubble policy applies pollution controls to the firm as a whole.
The firm can cut back most in the plants in which pollution reduction is cheapest. Thus, the US policy combines control over quantities for aggregate pollution, where the risks and uncertainties are greatest, with control through the price system for allocating efficiently the way these overall targets are achieved.
BOX Atmosphere of pollution timetres.
As with acid rain, organizing collective international cutbacks has been difficult. In the Kyoto Protocol agreed national targets for lower emissions of greenhouse gases. Becoming binding in , the Kyoto deal would have cut emissions by 5 per cent relative to the level, but by much more relative to the growth that a do-nothing policy would have allowed. The table shows levels, actual behaviour in the s and the target for Without this sunscreen, more people develop skin cancer.
Organizing international cutbacks in atmospheric pollution is difficult: each country wants to free-ride, enjoying the benefits of other countries cutbacks but making no contribution of its own. The Montreal Protocol on substances that deplete the ozone layer was signed by nearly 50 countries in Before the Protocol, projected ozone depletion was 5 per cent by and 50 per cent by In the Protocol, countries agreed to take steps to reduce ozone depletion to 2 per cent by with no further deterioration thereafter.
Such optimistic aims are hard to achieve. A second type of atmospheric pollution is even more important. The greenhouse effect arises from emissions of CFCs, methane, nitrous oxide and, especially, carbon dioxide. Greenhouse gases are the direct result of pollution and the indirect result of the atmospheres reduced ability to absorb them. Plants convert carbon dioxide into oxygen. However, privatization and greater competition within this sector have eroded the bargaining power of workers, who have not secured substantial wage increases over the last decade.
Chapter The labour market G The industry supply curve of labour depends on the wage paid relative to wages in other industries using similar skills. Equilibrium wage differentials are the monetary compensation for differences in non-monetary characteristics of jobs in different industries undertaken by workers with the same skill.
Taking monetary and non-monetary rewards together, there is then no incentive to move between industries. By considering each output, it constructs a total cost curve. For the marginal worker, the wage is a pure transfer earning, required to induce that worker into the industry.
For workers prepared to work in the industry at a lower wage, there is an element of economic rent the difference between income received and transfer earnings for that individual. G In the long run, a rise in the price of labour capital has a substitution effect and an output effect. The substitution effect reduces the quantity of labour capital demanded as the capitallabour ratio rises falls at each output. But total costs and marginal costs of output increase.
The more elastic the firms demand curve and marginal revenue curve, the more the higher marginal cost curve reduces output, reducing demand for both factors.
For a higher price of a factor, the substitution and output effects both reduce the quantity demanded. G In free market equilibrium, some workers choose not to work at the equilibrium wage rate. They are voluntarily unemployed.
Involuntary unemployment is the difference between desired supply and desired demand at a disequilibrium wage rate. Workers would like to work but cannot find a job. G There is considerable disagreement about how quickly labour markets can get back to equilibrium if initially in disequilibrium. Possible causes of involuntary unemployment are minimum wage agreements, trade unions, scale economies, insideroutsider distinctions and efficiency wages.
G In the short run, the firm has fixed factors, and probably a fixed production technique. The firm can vary short-run output by varying its variable input, labour, which is subject to diminishing returns when other factors are fixed. The marginal physical product of labour falls as more labour is hired.
Over the last years the real wage has risen but the length of the working week has fallen. Why should the labour supply curve to an industry slope upwards even if the aggregate labour supply to the economy is fixed? Answer the questions with which we began the chapter. Common fallacies Why are the following statements wrong? G A profit-maximizing firm produces the output at which marginal output cost equals marginal output revenue.
Equivalently, it hires labour until the marginal cost of labour equals its marginal revenue product. One implies the other. If the firm is a price-taker in its output market, the MRPL is its marginal value product, the output price times its marginal physical product.
If the firm is a price-taker in the labour market, the marginal cost of labour is the wage rate. A perfectly competitive firm equates the real wage to the marginal physical product of labour. G The downward-sloping marginal physical product of labour schedule is the short-run demand curve for labour in terms of the real wage for a competitive firm. Equivalently, the marginal value product of labour schedule is the demand curve in terms of the nominal wage.
The MVPL schedule for a firm shifts up if the output price increases, the capital stock increases or if technical progress makes labour more productive. Higher industry output in response to a wage reduction also reduces the output price. The industry labour demand curve is steeper less elastic than that of each firm, and more inelastic the more inelastic is the demand curve for the industrys output.
G Labour demand curves are derived demands. A shift in the output demand curve for the industry will shift the derived factor demand curve in the same direction. G For someone already in the labour force, a rise in the hourly real wage has a substitution effect tending to increase the supply of hours worked, but an income effect tending to reduce the supply of hours worked.
For men, the two effects cancel out almost exactly in practice but the empirical evidence suggests that the substitution effect dominates for women. Thus women have a rising labour supply curve; for men it is almost vertical.
G Individuals with non-labour income may prefer not to work. Four things raise the participation rate in the labour force: These explain the trend for increasing labour force participation by married women over the last few decades. Chapter appendices Part 2: Positive microeconomics To help you grasp the key concepts of this chapter check out the extra resources posted on the Online Learning Centre at www.
There are quick test questions, economics examples and access to Powerweb articles, all for free! For even more exercises, recaps and examples to help you study, download a copy of the Economics Student Workbook.
Simply visit www. The labour market Figure All isocost lines have the same slope as L1K1 and the firm produces its given output most cheaply by choosing the point B where the isoquant is tangent to the lowest possible isocost line L1K1. A wage increase makes all isocost lines flatter, parallel to L 2 K 1.
Each unit of capital sacrificed now allows the download of less additional labour. The wage increase has a pure substitution effect from B to B where the original isoquant I has the same slope as the new isocost lines. Firms substitute capital for labour. But with higher marginal costs at each output level, the firms profit-maximizing output is reduced, say to the level corresponding to the isoquant I.
On this isoquant, costs are minimized by producing at C to reach the lowest possible isocost line L2K1 at the new factor prices. The move from B to C is the pure effect induced by the shift in the firms marginal cost curve for its output.
Appendix Isoquants and the choice of production technique The choice of technique can be examined with techniques similar to the indifference curvebudget line approach used to study consumer choice in Chapter 5. Figure A1 plots input quantities of capital K and labour L. Points A, B, C, and D An isoquant shows minimum show the minimum input quantities needed to make 1 unit of output using each combinations of inputs to make of four different techniques.
Technique A is the most labour-intensive, requiring a given output. Different points on an isoquant reflect different LA units of labour and KA units of capital to make 1 unit of output. Technique D production techniques. A1 shows 4 techniques but we can Figure A1 An isoquant imagine that there are other techniques. A2 shows smooth isoquants. Isoquant I corresponds to a particular output. Each point on isoA quant I reflects a different technique, from very LA capital intensive to very labour intensive.
Higher isoquants, such as I, show higher output levels since more inputs are required. Each isoB quant shows different input combinations to make a given output.
The isoquants constitute an isoquant C map. D Three properties of isoquants are important. First, they cannot cross. Each isoquant refers to a different output.
Second, each isoquant slopes down. To make a given output, a technique can use 0 KA K more capital only if it uses less labour and vice versa. Capital Hence isoquants must slope down. A2 each isoquant becomes flatter as we move to produce 1 unit of output.
By connecting them we obtain an isoquant that shows the different input combinations which can along it to the right, as Figure A2 shows. Moving produce a particular level of output. In Figure A2 the line L0K0 is an isocost line. It shows different input combinations with the same total cost.
For a given cost, the firm can use more units of capital only if it uses fewer units of labour.
Facing given prices at which different inputs may be hired, we can say two things about isocost lines. First, the slope of the isocost line reflects the relative price of the two factors of production.
Beginning at K0, where all the firms money is spent on capital, the firm can trade off 1 unit of Labour D 0 Capital K0 I.
Each isoquant such as I shows a particular output level. Higher isoquants such as I show higher output levels. Straight lines such as L0K0 are isocost lines showing different input combinations having the same total cost. The slope of an isocost line depends only on relative factor prices.
A higher isocost line such as L1K1 implies a larger total cost. To produce a given output, such as that corresponding to the isoquant I , the firm chooses the point of tangency of that isoquant to the lowest possible isocost line. Thus poiint A is the cost minimizing way to produce the output level on I and point B the cost minimizing way to produce the output level on I.
These sections at the end of the chapters provide further explanations of economic models for those who wish to use them. They are not necessary to understand the economics of the text but rather for those who are interested in expanding their knowledge further. Second, facing given factor prices, by raising spending a firm can have more capital and more labour.
A higher isocost line parallel to L0K0 shows a higher spending on inputs. Along the isocost line L1K1 the firm spends more on inputs than along the isocost line L0K0. To minimize the cost of making a given output, a firm chooses the point of tangency of that isoquant to the lowest possible isocost line. At this point, the negative slope of the isocost line equals the negative slope of the isoquant.
What about the slope of the isoquant? With an extra unit of capital, the firm gains MPK units of output, where MPK is the marginal physical product of capital. But along an isoquant output is constant. By shedding a unit of labour the firm gives up MPL units of output. Hence the tangency condition in Figure A2 implies: Point A in Figure A2 is the least-cost way to make the output shown by isoquant I. We can repeat this analysis for every other isoquant showing different outputs.
That is how we derive the total cost curve discussed in the text. Technology to enhance learning and teaching Visit www. Take advantage of the study tools offered to reinforce the material you have read in the text and to develop your knowledge of economics in a fun and effective way. A range of resources are of fered providing revision tools and exam practice.
The new edition provides the complete package of materials for students of economics: Additional case studies with exercises new cases in economics with questions enable students to apply and anlayse concepts from the book. Chapter-by-chapter student test questions to check understanding of key topics and ideas with progress tests online. Interactive exercises including animated graphs to demonstrate how economic models work in practice.
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Ideal for expanding your knowledge of up-to-the-minute economics stories and issues free of charge. Workbook to accompany Begg Economics Eighth Edition ISBN Would you like access to a range of extra questions, exercises and examples to help you get to grips with economics? The workbook accompanying this book provides a range of extra assessments and questions that can help you to practise your skills in economics and prepare for the exam.
Tailored to the book, it is a comprehensive and invaluable tool to help you pass your economics module. Visit www.
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Related titles. Sydsaeter Hammond - Mathematics for Economic Analysis. Jump to Page. Search inside document. Introduction Economics and the economy Tools of economic analysis Demand, supply and the market 1 3 15 30 Part two 4. Positive microeconomics Elasticities of demand and supply Consumer choice and demand decisions Introducing supply decisions Costs and supply Perfect competition and pure monopoly Market structure and imperfect competition The labour market Different types of labour Factor markets and income distribution Risk and information The information economy 45 47 64 85 Part three The world economy International trade Exchange rate regimes European integration Less developed countries Appendix: Consumer choice with measurable utility Business organization A firms accounts Firms and profit maximization Corporate finance and corporate control The firms supply decision Marginal cost and marginal revenue Marginal cost and marginal revenue curves Summary Review questions Input and output Costs and the choice of technique Long-run total, marginal and average costs Returns to scale Average cost and marginal cost The firms long-run output decision Short-run costs and diminishing marginal returns A firms output decision in the short run Short-run and long-run costs Summary Review questions 45 47 47 52 53 55 55 56 59 59 60 62 63 Chapter 5 Consumer choice and demand decisions 5.
Isoquants and the choice of production technique Productivity differences Discrimination Trade unions Summary Review questions Chapter 9 Market structure and imperfect competition 9. Other trade policies Summary Review questions The gold standard An adjustable peg Floating exchange rates Chapter 34 Exchange rate regimes International trade xix Third option An introduction to macroeconomics 1 2 3 19 20 21 22 23 24 25 26 27 28 29 30 31 32 34 Economics and the economy Tools of economic analysis Demand, supply and the market Introduction to macroeconomics Output and aggregate demand Fiscal policy and foreign trade Money and banking Interest rates and monetary transmission Monetary and fiscal policy Aggregate supply, prices and adjustment to shocks Inflation, expectations and credibility Unemployment Exchange rates and the balance of payments Open economy macroeconomics Economic growth Business cycles Macroeconomics: YES Want a refresher?
Do problems and check the answers Normal order?
YES Macroeconomics next? G A complete revision of the discussion of UK competition policy, reflecting changes in legislation and regulatory practice, themselves a response to evolving market conditions that we explain. Contents 4 G Elasticities of demand and supply 00 5 G Consumer choice and decisions demand 6 G Introducing supply decisions 00 7 G Costs and supply 00 8 G Perfect competition and pure monopoly 00 Important key concepts 00 44 45 These are highlighted throughout each chapter and provide key points for ease of reference.
Positive microeconomics chapter Market structure and imperfect competition Learning outcomes By the end of this chapter, you should understand: Market structure Number of firms Lots Monopolistic Oligopoly Monopoly Many Few One Ability to affect price Nil Little Medium Large Entry barriers None Small Bigger Huge Example Fruit stall Corner shop Cars Post Office G 2 G 3 G 4 G 5 G 6 G 7 G 8 G 9 G 10 G 11 G 12 G 1 imperfect competition, oligopoly and monopolistic competition how cost and demand affect market structure how globalization changes domestic market structure equilibrium in monopolistic competition the tension between collusion and competition in a cartel game theory and strategic behaviour the concepts of commitment and credibility reaction functions and Nash equilibrium Cournot and Bertrand competition Stackelberg leadership why there is no market power in a contestable market innocent and strategic entry barriers 9.
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In , a group of authors and publishers brought a major class-action lawsuit against Google for infringement on the copyrighted works. Google argued that it was preserving "orphaned works" — books still under copyright, but whose copyright holders could not be located. The settlement received significant criticism on a wide variety of grounds, including antitrust, privacy, and inadequacy of the proposed classes of authors and publishers. The settlement was eventually rejected,  and the publishers settled with Google soon after.
The Authors Guild continued its case, and in their proposed class was certified. Google appealed that decision, with a number of amici asserting the inadequacy of the class , and the Second Circuit rejected the class certification in July , remanding the case to the District Court for consideration of Google's fair use defense.
Circuit Court of Appeals in New York. Google won the case unanimously based on the argument that they were not showing people the full texts but instead snippets, and they are not allowing people to illegally read the book.
The case was rejected, leaving the Second Circuit's decision on the case intact, meaning that Google did not violate copyright laws. Such clarification is important in the new digital age as it affects other scanning projects similar to Google. In a German lawsuit, previously filed, was withdrawn.
This is the first such lawsuit to be filed against Google in China. Google agreed on Nov 20 to provide a list of Chinese books it had scanned, but the company refused to admit having "infringed" copyright laws. Rubin specifically criticized Google's policy of freely copying any work until notified by the copyright holder to stop. Some published works that are in the public domain, such as all works created by the U.