p. 28 last full para: "so indifference curves slope down and to the right." (it currently reads "so indifference curve slopes down and to the right."
p. 35 caption to figure 3-2: should read "after the house is bought" not "after the house is built."
p. 39: middle of the page: it currently reads "the net effect of the subsidy on all concerned; consumers, producers, and taxpayers; that effect is negative&endash;on net, it makes us worse off."
"the net effect of the subsidy on all concerned&endash;consumers, producers, and taxpayers&endash;that effect is negative; on net, it makes us worse off."
p. 44 2nd full para: (A, C, D) not (B, C, D).
p. 47 fig 4-3: The horizontal axis is mislabelled. The number 2 should be at the right edge of the grey rectangle B, with the number 1 moved over accordingly.
p. 60 Figures 5-2a,b: The figures are not quite consistent with the text. According to the text, the dashed horizontal line at the bottom (and the bottom of the light grey regions on both figures) should be at $2.50; it seems to be at about $2.00. The top dashed line on a (solid line on b) should be at $6; it seems to be at about $6.50. The first of the two white dots should be at a quantity of 15 but appears to be at 14.
p. 62, last full paragraph, last word. Should be "backward" rather than "down."
p. 80 Figures 7-1a&b caption: it should read "as shown in Figure 7-1b" not "as shown in Figure 7-2."
p. 85. Figure 7-3c. The letters D and S labelling the right ends of the demand and supply curve are reversed--D should be where S is and vice versa. This error was spotted by Sebastian Wohlfeil, who is translating the book into German.
p. 87 last full para: should be "the difference between their surplus in the first case and their surplus in the second, shown ..." not " .. and his consumer surplus ... ."
p. 88 Figure 7-4: As the figure is drawn, it is hard to tell what the "Revenue" and "Excess burden" labels refer to. The simplest solution would be to eliminate the white horizontal line at 5. Revenue would then be visibly a rectangle, bounded by a black vertical on the left, a dashed white vertical on the right, and dashed black horizontals top and bottom, and excess burden would similarly be a triangle.
p. 105, third full para: "When a price goes up, most of the resulting loss in consumer surplus" (rather than "consumer's surplus").
p. 115 2nd full para: "the difference between total revenue and total cost" (rather than "between total cost and total revenue").
p. 123 Figure 9-3 label: Should be "With output at 1,100,000 autos per year ..." not "1,300,000 autos per year."
p. 124, first full para, "and the price of iron is ..." should be "and the price of steel is..."
p. 136 Figure 10-2: The arrow for "Extra consumer surplus" appears to be pointing either at a horizontal line or at the grey rectangle below the line, both of which are wrong. It is supposed to be pointing at the white triangle above the line.
p. 153, 2nd para from the bottom, I managed to
reverse rows and columns. The last two sentences should read:
Joe is choosing a row, and the top row dominates the bottom; it is better whichever column Mike chooses. Mike is choosing a column, and the left-hand column dominates the right.
p. 157 2nd para from the bottom: "he gains a few customers west of x and east of y .."
It currently reads "west of Dx and east of Ey."
p. 176 six lines from the bottom: "until the two rates are equal" not "until they are equal."
p. 181, 2nd para from bottom, last line. "until price is down to." Should be "until price is up to."
p. 200, last full para, ends "the two crops." Add a new sentence: "All three kinds of land sell for the same price."
p. 222, last line of the page: "inefficient" should be "Pareto-inefficient."
p. 275 last line: "Lemons are more likely to be offered for sale than cream puffs; .."
instead of "Lemons are more likely to sell than ..."
p. 284: Figure 19-1: The arrow for QA should run farther to the right-all the way to the rightmost vertical dashed line.
p. 285: Equation 1: The denominator of the right hand side should be Pw' not Pw.
p. 335 "budget lines
of antitrust, 326, 327"
should be "of altruist" not "of antitrust."
p. 336 "effluents fees, 267"
should be "effluent fees, 267"
p. 337 "Gates, Bill, 210, 263"
should be "Gates, Bill, 5, 210, 263"
There is no economics joke number 2
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