List of Boxes

Applying Economic Concepts

1-1 The Opportunity Cost of Your University Degree 6

2-1 Where Economists Work 29

3-1 Why Apples but Not iPhones? 63

5-1 Minimum Wages and Unemployment 100

6-1 Rationality, Nudges, and Behavioural Economics 122

7-1 Is It Socially Responsible to Maximize Profits? 152

7-2 Three Examples of Diminishing Returns 160

7-3 The Digital World: When Diminishing Returns Disappear

Altogether 166

8-1 The Significance of Productivity Growth 183

9-1 Why Small Firms Are Price Takers 199

9-2 The Parable of the Seaside Inn 209

10-1 Network Effects as Entry Barriers 228

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