Macroeconomics: Principles and Applications: 4th (fourth) by Marc Lieberman Robert E. Hall

By Marc Lieberman Robert E. Hall

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Extra info for Macroeconomics: Principles and Applications: 4th (fourth) edition

Example text

I'ut the ca~taways could inSltad choose 10 produce mOre fish and Ihe Same quantity of berries, Or eVen mOre of both goods. Some end-of-chapttr problems will guide you to these other OutCOmeS. Part I: Preliminaries Specialization in Perspective T he ga ins from specia lization, whether they arise from developing expertise, minimizing downtime, o r exploiting comparative advantage, can explain many fea tures o f our economy. For example, college students need to select a ma jor and then, upon graduating, to de<:ide on a specific career.

Indeed, the higher an individual's income, the less im portant is the direct moncy cost, and the more important the time COSt of an activi ty. For example, suppose that Samantha is an attorney who bills out her time at $100 per hour. For her, the opportunity COSt of the same movie-which entails three hours and the ticket-would be $310 dollars! You might wonder if Samantha would ever see a movie at such a high cost . T he answer for Samantha is the same as for Jessica or anyone else: yes, as long as the benefits of the movie are greater than the explicit an<1 implicit COSts.

Once again, resources must be shifted into tank production to make an additional 1,000 of them, moving from point C to point D . Th is time, however, there is an even greater opportunity cost: Production of wheat falls from 850,000 to 700,000 bushels, a sacrifice of 150,000 bushels. The opportunity cost of 1,000 morc tanks has risen. Graphically, the vertical drop along the curve is greater for the same move rightward . You can see that as we continue to increase tank production by increments of 1,OOO-moving from point C to poi nt D to point E to point F-the opportunity cost of producing an additional1,OOO tanks keeps rising, until the last 1,000 tanks costs us 400,000 bushels of w heat.

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