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THOROUGH UPDATING

BY THE NUMBERS feature updated and now presented as an infographic

WORK IT OUT problem in every chapter

New END-OF-CHAPTER PROBLEMS in every chapter

AROUND THE WORLD feature added to every chapter

CHAPTER 1

NEW ISSUE: Would a city change its name for a game show?

NEW PRINCIPLE: Economic growth, low unemployment, and low inflation are three economic goals that do not always coincide.

AROUND THE WORLD: Nunavut, abundance and scarcity

CHAPTER 2

AROUND THE WORLD: Ironbridge and the start of the Industrial Revolution

NEW ISSUE: the ocean and land reclamation

CHAPTER 3

AROUND THE WORLD: Tokyo Disneyland and how people deal with long lines

CHAPTER 4

AROUND THE WORLD: Singapore’s attempt to control traffic by using peak-pricing tolls

CHAPTER 5

NEW CHAPTER OPENING EXAMPLE: gasoline

CONTENT REVISION: completely rewritten section on taxes and elasticity

AROUND THE WORLD: Norway and the incentive not to drive

CHAPTER 6

AROUND THE WORLD: the economic influence of superstitions

CHAPTER 7

CONTENT REVISION: expanded discussion of sunk costs

AROUND THE WORLD: living like royalty

CHAPTER 8

AROUND THE WORLD: Colombian coffee and perfect competition

CHAPTER 9

CONTENT REVISION: rewritten section on the future of antitrust

AROUND THE WORLD: when a monopoly may not set a monopoly price (contestable markets)

CHAPTER 10

AROUND THE WORLD: the ways in which McDonald’s has modified the Big Mac in different global markets

CONTENT REVISIONS: game theory sections focusing on sequential-move games, and expanded discussion of the main applications of game theory

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CHAPTER 11

CONTENT REVISION: updated discussion of unions

NEW ISSUE: public pensions

AROUND THE WORLD: sherpas

CHAPTER 12

NEW ISSUE: class with 10,000 students (MOOC)

AROUND THE WORLD: ski resort in the desert of Dubai

CHAPTER 13

CONTENT REVISION: completely rewritten section on climate change and sustainable development

NEW SECTION: health care as a public good

NEW ISSUE: resurgence of nearly eradicated diseases

AROUND THE WORLD: the Barbary macaques in Gibraltar

CHAPTER 14

NEW ISSUE: credit card offers that are too good to be true

AROUND THE WORLD: drones that make deliveries to rural Rwanda

CHAPTER 15

NEW INTRODUCTION: poverty in America

NEW ISSUE: the 1%

AROUND THE WORLD: South Africa and income inequality

CHAPTER 16

AROUND THE WORLD: how China’s New Year’s festival disrupts international trade