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INTERMEDIATE MICROECONOMICS
INTERMEDIATE MICROECONOMICS
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, Instructor Manual: Nicholson/Snyder, Intermediate Microeconomics, 13e
SOLUTION MANUAL FOR INTERMEDIATE MICROECONOMICS AND
ITS APPLICATION 13TH EDITION BY WALTER NICHOLSON,
CHRISTOHER SNYDER
Chapter 1: Two Basic Economic Models
Purpose and Organization of the Chapter
This chapter provides an introduction to the book by showing why economists use simplified
models. The chapter begins with a few definitions of economics and then turns to a discussion
of such models. Development of Marshall's analysis of supply and demand is the main example
used here, and this provides a review for students of what they learned in introductory
economics. The notion of how shifts in supply or demand curves affect equilibrium prices is
highlighted. The chapter also reminds students of the production possibility frontier concept and
shows how it illustrates opportunity costs. The chapter concludes with a discussion of how
economic models might be verified. A brief description of the distinction between positive and
normative analysis is also presented.
Lecture and Discussion Suggestions
We have found that a useful way to start the course is with one (or perhaps two) lectures on
the historical development of microeconomics together with some current examples. For
example, many students find economic applications to the natural world fascinating and some
of the economics behind Application 1.1, might be examined. Application 1.6: Economic
Confusion provides normative distinction and to tell a few economic jokes (if your supply of
such jokes is running low – see Additional Resources). In terms of explicit content, some time
should be spent on reminding students about how supply and demand curves work since these
concepts underlie most of microeconomics. Especially important is to make sure that students
understand that these curves show firms’ and consumers’ reactions to all possible prices. That
is, the independent variable is on the vertical axis. Far more on the problems raised by this
approach is provided in Chapter 2.
Cengage Supplements
The following product-level supplements provide additional information that may help you in
preparing your course. They are available in the Instructor Resource Center.
Test Bank
PowerPoint slides
Chapter Objectives
The following objectives are addressed in this chapter:
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, Instructor Manual: Nicholson/Snyder, Intermediate Microeconomics, 13e
01.01 Develop and analyze two basic economic models:
The Production Possibility Frontier (PPF)
The Supply-Demand Model
01.02 Explain how to use the PPF to break down six basic economic principles.
01.03 Understand how you can apply microeconomics to analyze all types of problems.
01.04 Explain how the interaction of buyers and sellers determines a good’s price.
01.05 Explain different ways in which economists verify theoretical models.
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What's New in This Chapter
The following elements are improvements in this chapter from the previous edition:
Chapter 1 is now a standalone chapter. The mathematical material from what was
previously an appendix to the chapter, now forms the basis for Chapter 2.
An extended Application 1.3 examines video streaming and cord-cutting, suggesting the
importance of dynamism in the economy.
A new Application 1.4 shows how a simple supply and demand model can explain pricing
of eggs during the COVID-19 lockdowns.
A revised set of Review Questions focus more explicitly on the basic two models
introduced in the chapter.
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Additional Resources
The most accessible introduction to the history of economics remains Robert Heilbroner’s The
Worldly Philosophers (Seventh Edition) Touchstone, 1999.
This one-minute video does a nice job of introducing most elements of supply and demand
analysis in a cartoon format: https://www.youtube.com/watch?v=720uyg0Dd_M
There are many websites featuring economic jokes. A good one is
https://upjoke.com/economist-jokes.
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, Instructor Manual: Nicholson/Snyder, Intermediate Microeconomics, 13e
Solutions to End of Chapter Problems
Chapter 1 has no end of chapter problems. Problems involving both the production possibility
frontier and simple supply and demand curves can be found at the end of Chapter 2.
Chapter 2: Some Useful Math
Purpose and Organization of the Chapter
Chapter 2 is new to this edition. It draws together the material that was previously in the
appendix to chapter 1 and adds a considerable amount of new material to fill out a complete
chapter. Many of the concepts here are drawn from a course in algebra. These include
concepts of the slope and intercept of a linear graph and some details on the solving of
simultaneous equations. Topics that are specifically oriented toward the use of algebra in
microeconomics include the importance of defining units for specific economic relationships and
how functions with two independent variables can be represented by their contour lines. The
chapter concludes with a very brief introduction to some of the statistical problems encountered
in estimating microeconomic models using real world data.
Lecture and Discussion Suggestions
Lecturing on this material is a good way to turn off most students. Hence, we believe the
chapter should be used primarily as a reference, urging students with poorer math preparation
to use it as needed. It is likely, however, that all students could benefit from a reminder about
how units of measurement affect linear equations and some of the material on contour lines
(since these will be encountered in the next chapter.
Whether mathematics should play a prominent role in microeconomics is a good topic for
discussion. As shown by this text (and by our more advanced one) we are firmly in the camp of
stressing the value of mathematics to the subject. But there are a variety of contrary views
that might be brought up. Whether economics should be viewed as a ―science‖ or as
philosophy is a good place to start. Two videos on the topic are listed below.
Cengage Supplements
The following product-level supplements provide additional information that may help you in
preparing your course. They are available in the Instructor Resource Center.
Test Bank
PowerPoint Slides
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