Part 2: An Introduction to Demand and Supply
In Chapter 3 , we have rewritten the discussion of some of the shifters of
demand curves, and have added changes in weather as one important
factor shifting supply curves. In our discussion of elasticity in Chapter
we have clarified the explanation of the calculations involved. When
explaining the determinants of elasticity, we have added a discussion of
the importance of the item in the consumer’s overall budget. In Chapter
5 , we have updated the discussion of rent controls and clarified the
discussions of value and cost in our first foray into market efficiency.