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Economics, Global Edition
Daron Acemoglu, David Laibson, John List
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Economics, Global Edition
Daron Acemoglu, David Laibson, John List
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About This Book
Throughout Economics, 2nd Edition, authors Daron Acemoglu, David Laibson, and John List use real economic questions and data to help students learn about the world around them. Taking a fresh approach, the authors use the themes of optimization, equilibrium, and empiricism to illustrate the power of simple economic ideas, and their ability to explain, predict, and improve what happens in the world. Each chapter begins with an empirical question that is later answered using data in the Evidence-Based Economics feature. As a result of the text's practical emphasis, students learn to apply economic principles to guide the decisions they make in their own lives.
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84
Optimization:
Doing
the
Best
You
Can
3
How
does
location
affect
the
rental
cost
of
housing?
CHAPTER
OUTLINE
Optimization:
Choosing
the
Best
Feasible
Option
3.1
Optimization
Application:
Renting
the
Optimal
Apartment
3.2
How
does
location
affect
the
rental
cost
of
housing?
EBE
3.3
Optimization
Using
Marginal
Analysis
Suppose
you
have
just
landed
a
job
near
the
cen-
ter
of
a
city
and
you
now
need
to
decide
where
to
live.
If
you
live
close
to
the
city
center,
your
round-trip
commute
will
be
15
minutes.
If
you
live
in
the
distant
suburbs,
your
round-trip
commute
will
be
60
minutes.
Where
will
the
apartments
be
relatively
less
expensive?
How
will
you
choose
where
to
live?
How
should
you
make
the
best
deci-
sion
given
the
trade-offs
you
face?
In
this
chapter,
we’ll
dig
into
the
concept
of
optimization—choosing
the
best
feasible
option.
You
will
learn
how
to
optimize
by
using
cost-benefit
analy-
sis.
And
we
will
apply
this
knowledge
to
an
example
that
we
revisit
throughout
the
chapter—choosing
an
apartment.