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>> Key Changes to the Krugman/Wells 2 e Supplement Package Krugman/Wells © 2009 Worth >> Key Changes to the Krugman/Wells 2 e Supplement Package Krugman/Wells © 2009 Worth Publishers

Improvements in the Test Bank 1. Increase in the number of questions. 2. Improved Improvements in the Test Bank 1. Increase in the number of questions. 2. Improved clarity and increased size of graphs. 3. New skill descriptors. 4. New parallel Study Guide Questions. 5. Improved accuracy checking. 2 of 29

#1: Increase in Number of Questions § § § On average over 100 NEW #1: Increase in Number of Questions § § § On average over 100 NEW questions per chapter. Test Bank includes over 2000 NEW questions in total. To demonstrate increase: § § § Previous edition page count (Micro Volume 1 and 2 combined) = 664 pages New TB page count = 1148 pages. New questions have been added for each major topic in the text – including but not limited to new text material. 3 of 29

#2: Improved Graphs § § § All art was re-rendered in the new edition. #2: Improved Graphs § § § All art was re-rendered in the new edition. Clarity of graphs improved. Increased size of graphs. Old version New version 4 of 29

#3: New Skill Descriptors § § § Each question has been categorized according to #3: New Skill Descriptors § § § Each question has been categorized according to a Skill Descriptor: Fact-Based Questions require students to identify facts presented in the text. Definitional Questions require students to define an economic term or concept. Concept-Based Questions require a straightforward knowledge of basic concepts. Critical-Thinking Questions require the student to apply a concept to a particular situation. Analytical-Thinking Questions require another level of analysis to answer the question. Students must be able to apply a concept and use this knowledge for further analysis of a situation or scenario. 5 of 29

#4: New Parallel Study Guide Questions § § § Now includes a NEW set #4: New Parallel Study Guide Questions § § § Now includes a NEW set of 25– 30 questions per chapter that are parallel to the Chapter Review Questions in the printed Study Guide. Questions focus on key concepts from the text that students should grasp after reading each chapter. These questions reflect the types of questions that the students have likely already worked through in homework assignments or in self-testing. These questions can also be used for testing or for brief in-class quizzes. The questions reflect more challenging analysistype questions. 6 of 29

#5: Improved Accuracy § § § The entire Test Bank was accuracy checked by #5: Improved Accuracy § § § The entire Test Bank was accuracy checked by the Test Bank coordinator as she worked to compile the new Test Bank. It was also accuracy checked by the Test Bank consultant in draft form. Page proofs were then accuracy checked by the same trusted accuracy checker that reviewed the text. 7 of 29

Improvements in Lecture PPT Slides 1. Complete overhaul of the 1/e slides. 2. New Improvements in Lecture PPT Slides 1. Complete overhaul of the 1/e slides. 2. New easy to edit graphs. 3. New Notes to the Instructor – with more examples. 8 of 29

#1: Complete Overhaul of the 1 e Slides § New, more robust content. § #1: Complete Overhaul of the 1 e Slides § New, more robust content. § New design to replicate Krugman 2 e text design. § § Includes slides for each Krugman feature. Cleaned up all busy slides. 9 of 29

The Law of Demand Sample Krugman First Edition Slides Higher price for a good, The Law of Demand Sample Krugman First Edition Slides Higher price for a good, other things equal, leads people to demand a smaller quantity of the good.

Shifts of the Demand Curve Sample Krugman First Edition Slides Shifts of the Demand Curve Sample Krugman First Edition Slides

What causes a demand curve to shift? Ø Changes in the Prices of Related What causes a demand curve to shift? Ø Changes in the Prices of Related Goods Ø Substitutes Ø Complements Ø Changes in Income Ø Normal Goods Ø Inferior Goods Changes in Tastes Ø Changes in Expectations Ø Sample Krugman First Edition Slides

The Supply Curve Sample Krugman First Edition Slides The Supply Curve Sample Krugman First Edition Slides

The Effects of Imports § When a market is opened to trade, competition among The Effects of Imports § When a market is opened to trade, competition among importers or exporters drives the domestic price to equality with the world price. § If the world price is lower than the autarky price, trade leads to imports and a fall in the domestic price compared to the world price. § There are overall gains from trade because consumer gains exceed the producer losses. Sample Krugman Second Edition Slidesof 46 14

Education, Skill Intensity, and Trade In contrast, slope of the yellow of the The Education, Skill Intensity, and Trade In contrast, slope of the yellow of the The upwardthe downward slopecurve brown curve shows fact that as a German industry illustrates thethat as a Bangladeshi industry grows more skill intensive, its share of exports less skill-intensive, its share of exports to the United States also grows. rises. Share of U. S. imports from Germany, by industry Share of U. S. imports from Bangladesh, by industry Germany (left scale) 12% 0. 4% 10 0. 3 8 0. 2 6 Bangladesh (right scale) 4 0. 1 2 0 0. 05 0. 10 0. 15 0. 20 0. 25 0. 30 0. 35 Skill intensity of industry 0. 40 0 Sample Krugman Second Edition Slidesof 46 15

PITFALLS Misunderstanding Comparative Advantage A common mistake is to confuse comparative advantage with absolute PITFALLS Misunderstanding Comparative Advantage A common mistake is to confuse comparative advantage with absolute advantage. Ex. : U. S. vs. Japan in 1980 s: § Commentators: “U. S. might soon have no comparative advantage in anything” § Wrong! They meant “absolute advantage” Sample Krugman Second Edition Slidesof 31 16

FOR INQUIRING MINDS Winners, Losers and Rent Control § § § Price controls create FOR INQUIRING MINDS Winners, Losers and Rent Control § § § Price controls create winners and losers: In 2005, Cyndi Lauper paid $989 a month for an apartment that would have been worth $3, 750 if unregulated. Mia Farrow’s apartment, which, when lost its rent-control status, rose from the bargain rate of $2, 900 per month to $8, 000. The losers are the working class renters the system was intended to help. We can use the concepts of consumer and producer surplus to evaluate graphically the winners and the losers from rent control. See graphs on the next slide. Sample Krugman Second Edition Slidesof 35 17

►ECONOMICS IN ACTION The Clams of New Jersey § § In the 1980 s, ►ECONOMICS IN ACTION The Clams of New Jersey § § In the 1980 s, excessive fishing threatened to wipe out New Jersey’s clam beds. To save the resource, the U. S. government introduced a clam quota, which set an overall limit on the number of bushels of clams to be caught and allocated licenses to owners of fishing boats based on their historical catches. Sample Krugman Second Edition Slidesof 35 18

#2: New Easy to Edit Graphs § Every element on the graphs pulled from #2: New Easy to Edit Graphs § Every element on the graphs pulled from the text into the PPT slides is now editable. 19 of 29

Cassie’s Total Utility and Marginal Utility (a)Cassie’s Utility Function Total utility (utils) Note: Graphs Cassie’s Total Utility and Marginal Utility (a)Cassie’s Utility Function Total utility (utils) Note: Graphs animate. 70 60 50 40 30 20 10 0 0 3 4 5 6 7 8 9 Quantity of clams (b) Cassie’s Marginal Utility Curve 1 2 3 4 5 6 7 55 60 63 64 9 5 48 8 4 39 7 3 28 6 2 15 2 1 Total utility (utils) 0 1 Utility function Marginal utility per clams (utils) 16 14 12 10 8 6 4 2 0 – 2 Quantity of clams 63 Marginal utility per clam (utils) 15 13 11 9 7 5 3 1 – 1 Note: Every element on the graphs can be EDITED. 8 9 Quantity of clams 20 of 35

Optimal Consumption Bundle Quantity of potatoes (pounds) 10 A 8 (a) Sammy’s Budget Line Optimal Consumption Bundle Quantity of potatoes (pounds) 10 A 8 (a) Sammy’s Budget Line B The optimal consumption bundle… Note: Every element on the graphs can be EDITED. C 6 D 4 E 2 0 Total utility (utils) Note: Graphs animate. 1 2 3 F BL 4 5 Quantity of clams (pounds) (b) Sammy’s Utility Function 80 70 A 60 50 40 30 20 10 B C D E … maximizes total utility given the budget constraint 0 1 10 8 2 3 4 Quantity of clams (pounds) 2 6 4 Quantity of potatoes (pounds) Utility function F 5 Sammy’s total utility is maximized at bundle C, where he consumes 2 pounds of clams and 6 pounds of potatoes. This is Sammy’s optimal consumption bundle. 0 21 of 35

#3: New Notes to the Instructor § Notes added to provide more hints, examples, #3: New Notes to the Instructor § Notes added to provide more hints, examples, and points of class discussion for instructors. 22 of 29

Demand Curve Price of coffee bean (per gallon) A demand curve is the graphical Demand Curve Price of coffee bean (per gallon) A demand curve is the graphical representation of the demand schedule; it shows how much of a good or service consumers want to buy at any given price. $2. 00 1. 75 1. 50 1. 25 See “Notes” section 1. 00 0. 75 0. 50 0 As price rises, the quantity demanded falls 7 9 Demand curve, D 11 13 15 17 Quantity of coffee beans (billions of pounds) 23 of 42

New design to replicate Krugman 2 e text design GLOBAL COMPARISON Pay More, Pump New design to replicate Krugman 2 e text design GLOBAL COMPARISON Pay More, Pump Less… § § Price of gasoline (per gallon) Because of high taxes, gasoline and diesel fuel are more than twice as expensive in most European countries as in the United States. According to the law of demand, Europeans should buy less gasoline than Americans, and they do: Europeans consume less than half as much fuel as Americans, mainly because they drive smaller cars with better mileage. $8 7 6 Germany United Kingdom Italy France Spain Japan 5 Canada 4 3 0 United States 0. 2 0. 6 1. 0 1. 4 Consumption of gasoline (gallons per day per capita) 24 of 42

Improvements in Study Guide 1. Total revision of Micro SG 2. New Organization includes Improvements in Study Guide 1. Total revision of Micro SG 2. New Organization includes the following sections to guide students along: § § Before You Read the Chapter After You Read the Chapter Before You Take the Test Answer Key 3. Removed the confusing – fill-in-the blank section (“How Well Do You Understand the Chapter? ”). 4. New Key Terms section – includes definitions with room for notetaking. 25 of 29

Improvements in Instructor’s Manual 1. Now includes the Solutions Manual in one complete volume. Improvements in Instructor’s Manual 1. Now includes the Solutions Manual in one complete volume. 2. Reorganization to make it more useful. Now includes separate sections for: § § § Teaching Tips Common Student Pitfalls Case Studies in the Text Activities New Web Resources 26 of 29