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We are grateful for the many, many people who helped us achieve our goals for writing a book of useful microeconomics.
Reviewer Acknowledgements
We are indebted to the following reviewers, focus group participants, and other consultants for their suggestions and advice:
Second Edition
Olugbenga Ajilore, The University of Toledo
Richard Anderson, Texas A & M University
Nestor Arguea, The University of West Florida
Don Bumpass, Sam Houston State University
Joni Charles, Texas State University
Anoshua Chaudhuri, San Francisco State University
Isaac Dilanni, The University of Illinois, Urbana-
Isabel Galiana, McGill University
Robert Gazzale, The University of Toronto
Julie Gonzalez, University of California, Santa Cruz
Merlin Hanauer, Sonoma State University
Geoffrey Jehle, Vassar University
Carrie Kerekes, Florida Gulf Coast University
Jim Leady, Notre Dame
Ata Mazaheri, The University of Toronto
Richard McGrath, Armstrong State University
Felix Munoz-
Michael Nuwer, State University of New York–
Birikorant Okraku, Kettering University
Peter Orazem, Iowa State University
Nathan Perry, Colorado Mesa University
Tricia Petras, The Ohio State University
Spencer Phillips, The University of Virginia
Manu Raghav, De Pauw University
Reza Ramazani, St. Michael’s College
Dan Saros, Valparaiso University
Mark Tendall, Stanford University
Paola Valenti, Columbia University
Bruce Watson, Harvard University
Colin Wright, Claremont McKenna College
Janice Yee, Worcester State University
Haiphong Zhou, Western Michigan University
First Edition
Senyo Adjibolosoo, Point Loma Nazarene University
David Anderson, Centre College
Anthony Andrews, Governors State University
Georgeanne Artz, Iowa State University
Kevin Beckwith, Salem State University
Scott Benson, Idaho State University
Tibor Besedes, Georgia Institute of Technology
Volodymyr Bilotkach, Newcastle University
David Black, University of Delaware
Victor Brajer, California State University–
John Brock, University of Colorado–
Keith Brouhle, Grinnell College
Bruce Brown, California State Polytechnic University–
Byron Brown, Michigan State University
Donald Bumpass, Sam Houston State University
Paul Byrne, Washburn University
Benjamin Campbell, The Ohio State University
Bolong Cao, Ohio University
Shawn Carter, Jacksonville State University
Fwu-
Joni Charles, Texas State University–
Ron Cheung, Oberlin College
Marcelo Clerici-
John Crooker, University of Central Missouri
Carl Davidson, Michigan State University
Harold Elder, University of Alabama
Tisha Emerson, Baylor University
Michael Enz, Framingham State University
Brent Evans, Mississippi State University
Haldun Evrenk, Boston University
Li Feng, Texas State University
Chris Ferguson, University of Wisconsin–
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Gary Fournier, Florida State University
Craig Gallet, California State University–
Linda Ghent, Eastern Illinois University
Alex Gialanella, Manhattanville College
Lisa Giddings, University of Wisconsin–
Kirk Gifford, Brigham Young University
Darrell Glaser, United States Naval Academy
Tuncer Gocmen, Shepherd University
Jacob Goldston, University of South Carolina
Julie Gonzalez, University of California–
Darren Grant, Sam Houston State University
Chiara Gratton-
Thomas Grennes, North Carolina State University
Philip Grossman, Monash University
Steffen Habermalz, Northwestern University
Jennifer Hafer, University of Arkansas
James Halteman, Wheaton College
David Hammes, University of Hawaii at Hilo
Mehdi Haririan, Bloomsburg University
Daniel J. Henderson, University of Alabama
Paul Hettler, California University of Pennsylvania
Tia Hilmer, San Diego State University
Gary Hoover, University of Alabama
Jack Hou, California State University–
Greg Hunter, California State University–
Christos A. Ioannou, University of Southampton
Miren Ivankovic, Anderson University
Olena Ivus, Queen’s University
Michael Jerison, State University of New York–
Bruce K. Johnson, Centre College
Daniel Johnson, Colorado College
Leo Kahane, Providence College
Raja Kali, University of Arkansas
Pari Kasliwal, California State University–
John W. Keating, University of Kansas
Russell Kellogg, University of Colorado–
Chris Kennedy, George Mason University
Rashid Khan, McMaster University
Vasilios D. Kosteas, Cleveland State University
Carsten Lange, California State Polytechnic University, Pomona
Jeffrey Larrimore, Georgetown University
Sang Lee, Southeastern Louisiana University
Daniel Lin, American University
Qihong Liu, University of Oklahoma
Jeffrey Livingston, Bentley University
Kristina Lybecker, Colorado College
Guangyu Ma, State University of New York–
Teny Maghakian, University of California–
Arindam Mandal, Siena College
Justin Marion, University of California–
Timothy Mathews, Kennesaw State University
Ata Mazaheri, University of Toronto–
John McArthur, Wofford College
Naranchimeg Mijid, Central Connecticut State University
Lijia Mo, Kansas State University
Myra Moore, University of Georgia
Tamah Morant, North Carolina State University
Thayer Morrill, North Carolina State University
Felix Munoz-
Kathryn Nantz, Fairfield University
Pascal Ngoboka, University of Wisconsin–
Hong V. Nguyen, University of Scranton
Michael Nieswiadomy, University of North Texas
Matthew J. Notowidigdo, The University of Chicago
Constantin Ogloblin, Georgia Southern University
Alex Olbrecht, Ramapo College of New Jersey
Heather O’Neill, Ursinus College
June O’Neill, Baruch College, City University of New York
Patrick O’Neill, University of North Dakota
Alexei Orlov, Radford University
Lydia Ortega, San Jose State University
Emily Oster, The University of Chicago
Orgul Ozturk, University of South Carolina
Alexandre Padilla, Metropolitan State University of Denver
James Payne, University of South Florida
Anita Alves Pena, Colorado State University
Marie Petkus, Centre College
Jeremy Petranka, University of North Carolina–
Barry Pfitzner, Randolph-
Brennan Platt, Brigham Young University
James Prieger, Pepperdine University
Samuel Raisanen, Central Michigan University
Rati Ram, Illinois State University
Ryan Ratcliff, University of San Diego
Marie Rekkas, Simon Fraser University
Michael Reksulak, Georgia Southern University
Malcolm Robinson, Thomas More College
Juliette Roddy, University of Michigan–
Brian Rosario, American River College
Nicholas Rupp, East Carolina University
Robert Rycroft, University of Mary Washington
Shane Sanders, Western Illinois University
Sudipta Sarangi, Louisiana State University
Tom Scheiding, Cardinal Stritch University
Helen Schneider, University of Texas–
Barbara Schone, Georgetown University
Kathleen Segerson, University of Connecticut
Quazi Shahriar, San Diego State University
Carl Shapiro, University of California–
Alexandre Skiba, University of Wyoming
Rachael Small, University of Colorado at Boulder
Christy Spivey, University of Texas–
Kevin Stange, University of Michigan
Lee Stone, State University of New York–
David Switzer, St. Cloud State University
Ellen Szarleta, Indiana University–
Kerry Tan, Loyola University Maryland
Gwendolyn Tedeschi, Manhattan College
Jeremy Thornton, Samford University
Irene Trela, Western University
Regina Trevino, Loyola University–
Brian Trinque, University of Texas–
Victoria Umanskaya, University of California–
Michael Vaney, University of British Columbia
Jennifer VanGilder, Ursinus College
Jose Vazquez, University of Illinois at Urbana-
Annie Voy, Gonzaga University
Bhavneet Walia, Western Illinois University
Joann M. Weiner, The George Washington University
Jeanne Wendel, University of Nevada–
Benjamin Widner, New Mexico State University
Keith Willet, Oklahoma State University
Beth Wilson, Humboldt State University
Catherine Wolfram, University of California–
Peter Wui, University of Arkansas–
Erik Zemljic, Kent State University
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Faculty Advisers
We owe an enormous debt to Linda Ghent, Eastern Illinois University, our consulting faculty editor, a talented economist, and gifted teacher. So much of this book, from text to features to graphics, reflects her imprint. Her devotion to and belief in this book from its inception to its completion have been invaluable and it has been a real pleasure working with her.
Alan Grant, Baker College, produced end-
We would especially like to thank the eagle-
Publisher Acknowledgments
We owe a great deal of thanks to the many hardworking and creative people who have helped bring this book into existence.
Craig Bleyer, then Publisher of the economics list at Worth, started us down this road with a knock on Austan’s door many years ago. When Craig took a new job within the company, Charles Linsmeier succeeded him as Publisher, and provided the thoughtful direction for the second edition. Shani Fisher became Publisher as the second edition was created. She showed a steady hand and saw this project through to publication.
Each member of our book team brought unique talents and perspective to the work. Our able and accomplished Executive Editor at Worth, Carlise Stembridge, managed this project with great expertise, humor, and devotion. Keeping the project on track required her heroic (and heroically patient) efforts.
Our Developmental Editor, Jane Tufts, has edited some of the discipline’s finest texts, and her creative influence can be seen in every element and every page of the book. With her unparalleled ability to read manuscript with real empathy for the student’s experience, she provided guidance and advice that transformed our initial drafts into a readable, student-
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Bruce Kaplan, Developmental Editor at Worth, controlled and directed the editorial traffic generated by the extensive development and production process with unwavering intelligence, good judgment, practicality, calm, and skill. He moved the manuscript expertly into the hands of our tireless production team.
Most especially, we would have been lost without the assistance of Mattie Toma, on the ground with us at the University of Chicago. With the experience she’s gained assisting us with research, editing, proofreading, and publisher communications, she’s ready to write her own book!
We are grateful to the many people at Worth who provided the knowledge and support needed to get this book into your hands. Tracey Kuehn, Stacey Alexander, and Lisa Kinne provided essential direction, from the earliest planning stages to the very end. Kerry O’Shaughnessy saw our manuscript through the production process with superior attention to detail and resourcefulness in the wake of missed deadlines here and there (and there and there and there!). And we are grateful for the careful eye of Patti Brecht, our copy editor. Designer Diana Blume deserves credit for the book’s eye-
Intermediate microeconomics is a hands-
Final Thoughts
Heartfelt thanks to our families for their continued support of our work (especially when we are too busy to let them know how much we appreciate it).
Ultimately, any text is only a tool and a complement to what students learn in the classroom and from one another. We hope that this text will help you to start them on that journey to using economics.
September 30, 2015