Microeconomics_4__Besanko

Microeconomics_4__Besanko


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to customize their exams.
Found on the companion Web site.
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PREFACE xi
STUDY GUIDE includes a Chapter Summary, Exercises with multiple-choice answers
(answers provided at the end of the chapter), Chapter Review Questions with
Answers, Problems with Answers, and Practice Exam Questions with Answers for
each chapter.
STUDENT PRACTICE QUIZZES contain at least 10\u201315 practice questions per chapter.
Multiple choice and short answer questions, of varying difficulty, help students evalu-
ate individual progress through a chapter.
BUSINESS EXTRA SELECT Wiley\u2019s Business Extra Select program is a simple, inte-
grated, online custom-publishing process that allows you to combine content from
Wiley\u2019s leading business publications with copyright-cleared content from such re-
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dents make the connection between the concepts you teach in your class and their
real-world applications! Contact your Wiley representative for more information.
APLIA Aplia is a basic course management system which includes a gradebook, and
offers additional text-correlated tutorials, problems, graphing tools, news analysis,
and experiments. An electronic version of Microeconomics, 4e is also included. For
more information, visit www.aplia.com/wiley or ask your local Wiley respresentative.
WILEYPLUS is an innovative, research-based, online environment for effective teach-
ing and learning.
What do Students receive with WileyPLUS?
A Research-based Design. Provides an online environment that integrates relevant 
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helps students study more effectively.
\u2022 WileyPLUS adds structure by organizing textbook content into smaller, more
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\u2022 Related media, examples, and sample practice items reinforce the learning 
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\u2022 Innovative features such as calendars, visual progress tracking, and self-evaluation
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One-on-one Engagement. Students receive 24/7 access to resources that promote
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and sample practice items, including:
\u2022 Animated Learning-By-Doing Exercises
\u2022 Excel Templates
\u2022 Concept Questions
Measurable Outcomes. Throughout each study session, students can assess their
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dent they are spending their time on the right things. With WileyPLUS, students always
know the exact outcome of their efforts.
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xii PREFACE
What do Instructors receive with WileyPLUS?
WileyPLUS provides reliable, customizable resources that reinforce course goals in-
side and outside of the classroom as well as visibility into individual student progress.
Pre-created materials and activities help instructors optimize their time:
Customizable Course Plan: WileyPLUS comes with a pre-created Course Plan
designed by a subject matter expert uniquely for this course. Simple drag-and-
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course syllabus.
Pre-created Activity Types Include:
\u2022 Questions
\u2022 Readings and resources
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Course Materials and Assessment Content:
\u2022 Instructor\u2019s Manual
\u2022 Solutions Manual
\u2022 Test Bank
\u2022 PowerPoint Presentation Slides
\u2022 Classroom Response System (Clicker) Questions
\u2022 Gradable Reading Assignment Questions (embedded with online text)
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While the book was in development, we benefited enormously from the guidance of
a host of individuals both from within John Wiley & Sons and outside. We appreciate
the vision and guidance of the economics team at Wiley. Their commitment to this
book has remained strong from the beginning of the first edition. We are grateful for
their support.
We would like to thank Lacey Vitetta, Acquisitions Editor, for guiding, encour-
aging, and supporting us throughout this fourth edition. Jennifer Manias, Project
Editor, provided editorial support and kept us on track with deadlines on this and pre-
vious editions. Jeanine Furino of Furino Production, handled the production of the
book in a meticulous and constructive fashion. Amy Scholz, our Marketing Manager,
worked tirelessly to reach our markets. Others at Wiley who contributed to the beau-
tiful production and design include Dorothy Sinclair, Janet Foxman, Maddy Lesure,
Sheena Goldstein, and Anna Melhorn.
We are extraordinarily grateful to Michael Gibbs, who made significant contribu-
tions to the Applications in the Fourth edition. He updated existing Applications and
added many new Applications. In so doing, he has helped us keep the book fresh and
up to date. Mike\u2019s work was creative, thoughtful, well-organized, and conscientious. It
has been a pleasure to work with him.
The clarity of the presentation and organization in this book owes a great deal
to the efforts of Leonard Neufeld, who provided a close and insightful line and art
edit. Len carefully worked through every line of the manuscript and made numerous
thoughtful suggestions for sharpening and streamlining the exposition. Melissa
Hayes, a Northwestern undergraduate, made extensive suggestions for making the
first edition of the book readable from a student\u2019s point of view. We owe a special
debt to Nick Kreisle. Nick has worked with us as a colleague, as a teaching assistant
in our courses, and as an instructor using our text in his own course in intermediate
microeconomics. He carefully reviewed drafts of the manuscripts of the first and sec-
ond editions, and provided many valuable suggestions. We are pleased that he is now
Dr. Kreisle.
We would also like especially to thank Eric Schulz, who offered suggestions for
the book while at Williams College and has used the book in his classes at
Northwestern. Ken Brown and Matthew Eichner also tested the manuscript in their
classes prior to publication. Ken also put together a thorough and extremely useful
diary that related his experiences in using the first edition and offered many construc-
tive suggestions for improving the presentation of key topics in the book. We have
also benefited from many helpful suggestions from Yossi Spiegel, Mort Kamien, Nabil
Al-Najjar, Ambarish Chandra, Justin Braeutigam, and Kate Rockett.
Finally, we owe a large debt of gratitude to the students in Ron Braeutigam\u2019s sec-
tions of Economics 310-1 at Northwestern and to the students in Microeconomics
430 at the Kellogg School at Northwestern. These students have helped us eliminate
some of the rough edges as the book has evolved over time. Their experience of learn-
ing from the book helped make our chapters clearer and more accessible.
The development of this book was aided by colleagues who participated in focus
groups or reviewed early drafts of the manuscript. Our thanks go to all of the individ-
uals listed below.
xiii
A C K N O W L E D G M E N T S
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xiv ACKNOWLEDGMENTS
We are grateful for the comments we received from those who reviewed for the
Fourth Edition of this book:
Donald Bumpass, Sam