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McAfee: Introduction to Economic Analysis,http://www.introecon.com, July 24, 2006
i
 Introduction to Economic Analysis
 by R. Preston McAfee
 J. Stanley Johnson Professor of  Business, Economics & Management 
California Institute of Technology 
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McAfee: Introduction to Economic Analysis,http://www.introecon.com, July 24, 2006
ii
 
 Dedication to this edition
:For Sophie. Perhaps by the time she goes to university, we’ll have won the war againstthe publishers.
 Disclaimer 
:This is the third draft. Please point out typos, errors or poor exposition, preferably by email tointro@mcafee.cc. Your assistance matters.In preparing this manuscript, I have received assistance from many people, includingMichael Bernstein, Steve Bisset, Grant Chang-Chien, Lauren Feiler, Alex Fogel, BenGolub, George Hines, Richard Jones, Jorge Martínez, Joshua Moses, Dr. John Ryan,and Wei Eileen Xie. I am especially indebted to Anthony B. Williams for a careful,detailed reading of the manuscript yielding hundreds of improvements.
 
McAfee: Introduction to Economic Analysis,http://www.introecon.com, July 24, 2006
iii
 
Introduction to Economic Analysis
 Version 2.0
 by R. Preston McAfee
 J. Stanley Johnson Professor of  Business, Economics & Management 
California Institute of Technology 
Begun: June 24, 2004This Draft: July 24, 2006
This book presents introductory economics (“principles”) material using standardmathematical tools, including calculus. It is designed for a relatively sophisticatedundergraduate who has not taken a basic university course in economics. It alsocontains the standard intermediate microeconomics material and some material thatought to be standard but is not. The book can easily serve as an intermediatemicroeconomics text. The focus of this book is on the conceptual tools and not on fluff.Most microeconomics texts are mostly fluff and the fluff market is exceedingly over-served by $100+ texts. In contrast, this book reflects the approach actually adopted by the majority of economists for understanding economic activity. There are lots of models and equations and no pictures of economists.
 
This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike License. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc-sa/2.0/
or send a letter to Creative Commons, 559 Nathan Abbott Way, Stanford, California94305, USA.
Please email changes to intro@mcafee.cc.
 

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