For the next 12 days I will be attending the 29th LEC Economics Institute for Law Professors in Avon, Colorado. In preparation for this institute, I have been dutifully reading N. Gregory Mankiw’s textbook on price theory (“Principles of Microeconomics”), which, I might add, has a lot of helpful diagrams and real-life case studies, like “Should Tom Brady Mow His Own Lawn?” What do you think?
P.S.: The latest edition of Mankiw’s textbook is available on here on amazon, if you want to sneak a peek.
(Mankiw’s answer to the Tom Brady Question is on pp. 57-58 of the textbook.)
P.P.S.: For a different answer to the Tom Brady question, see here.
prior probability 