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ABOUT THE COVER Peter Blair Henry received his first lesson in international economics at the age of 8, when his family moved from the Caribbean island of Jamaica to affluent Wilmette, Illinois. Upon arrival in the United States, he wondered why people in his new home seemed to have so much more than people in Jamaica. The elusive answer to the question of why the average standard of living can be so different from one country to another still drives him today as an Associate Professor of Economics in the Graduate School of Business at Stanford University. Henry began his academic career on the campus of the University of North Carolina at Chapel Hill, where he was a wide receiver on the varsity football team and a Phi Beta Kappa graduate in economics. With an intrinsic love of learning and a desire to make the world a better place, he knew that he wanted a career as an economist. He also knew that a firm foundation in mathe-matics would help him to answer the real-life questions that fueled his passion for economics— a passion that earned him a Rhodes Scholarship to Oxford University, where he received a B.A. in mathematics. PETER BLAIR HENRY This foundation in mathematics prepared Henry for graduate study at the Massachusetts Institute International Economist of Technology (MIT), where he received his Ph.D. in economics. While in graduate school, he served as a consultant to the Governors of the Bank of Jamaica and the Eastern Caribbean Central Bank (ECCB). His research at the ECCB helped provide the intellectual foundation for establishing the first stock market in the Eastern Caribbean Currency Area. His current research and teaching at Stanford are funded by the National Science Foundation’s Early CAREER Development Program, which recog-nizes and supports the early career-development activities of those teacher-scholars who are most likely to become the academic leaders of the 21st century. Henry is also a member of the National Bureau of Economic Research (NBER), a nonpartisan economics think tank based in Cambridge, Massachusetts. Peter Blair Henry’s love of learning and his questioning nature have led him to his desired career as an international economist whose research positively impacts and addresses the tough decisions that face the world’s economies. It is his foundation in mathe-matics that enables him to grapple objectively with complex and emotionally charged issues of international economic policy reform, such as debt relief for developing countries and its effect on international stock markets. The equation on this cover comes from a paper that investigates the economic impact of a country’s decision to open its stock market to foreign investors. The paper uses data on investment and stock prices in an attempt to answer vital questions at the frontier of current research on an important issue for developing countries.* Look for other featured applied researchers in forthcoming titles in the Tan applied mathematics series: CHRIS SHANNON Economics and Finance University of California, Berkeley MARK VAN DER LAAN Biostatistician University of California, Berkeley JONATHAN D. FARLEY Applied Mathematician Massachusetts Institute of Technology NAVIN KHANEJA Applied Scientist Harvard University *The reference for the paper is Chari, Anusha and Peter Blair Henry “Is the Invisible Hand Discerning or Indiscriminate? Investment and Stock Prices in the Aftermath of Capital Account Liberalizations,” NBER Working Paper, Number 10318. LIST OF APPLICATIONS BUSINESS AND ECONOMICS 401(K) investors, 315 Accumulated value of an income stream, 498 Accumulation years of baby boomers, 197 Advertising, 86, 150, 239, 278, 329, 543, 575 Ailing financial institutions, 129, 147 Aircraft structural integrity, 259 Air travel, 390 Alternative energy sources, 461 Alternative minimum tax, 281, 337 Amusement park attendance, 196, 497 Annual retail sales, 95, 154 Annuities, 359, 391, 475 Assembly time of workers, 278, 383, 434 Authentication technology, 580 Auto financing, 445 Auto replacement parts market, 89 Average age of cars in U.S., 300 Banking, 56, 147, 405 Black Monday, 285 Blackberry subscribers, 87 Book design, 91, 323 Box office receipts, 114, 181, 296 Broadband Internet households, 61 Budget deficit and surplus, 68, 252 Business spending on technology, 281 Cable ad revenue, 96 Cable TV subscription, 244, 407, 418, 448 Capital value, 521 Cargo volume, 266 Cash reserves at Blue Cross and Blue Shield, 282 CDs, 351, 489 Cellular phone subscription, 262 Charter-flight revenue, 84, 92 Chip sales, 87 City planning, 118, 182 Coal production, 447, 489 Cobb-Douglas production function, 556, 557, 590, 593, 610 COLAs, 61 Commissions, 130 Commodity prices, 130, 158, 368, 489 Common stock transactions, 4, 358 Commuter airlines, 488 Compact disc sales, 489 Comparison of bank rates, 359 Complementary commodities, 553, 558 Computer game sales, 535 Computer resale value, 480 Construction jobs, 76, 103, 184 Consumer decisions, 30 Consumer demand, 168, 181, 245, 394 Consumer price index, 169, 273, 394 Consumers’ surplus, 467, 473, 474, 476, 477, 481, 497, 502, 511 Consumption function, 61 Consumption of electricity, 435 Consumption of petroleum, 509 Cost of laying cable, 26, 30 Cost of producing calculators, 329 Cost of producing guitars, 406 Cost of producing loudspeakers, 303 Cost of producing PDAs, 75 Cost of producing solar cell panels, 414 Cost of producing surfboards, 150 Cost of removing toxic waste, 181, 296 Cost of wireless phone calls, 245 Creation of new jobs, 195 Credit card debt, 88, 407 Crop yield, 148, 371 Cruise ship bookings, 195 Demand for agricultural commodities, 239 Demand for butter, 531 Demand for computer software, 535 Demand for DVDs, 576 Demand for digital camcorder tapes, 481 Demand for electricity, 582 Demand for perfume, 367 Demand for personal computers, 195, 387 Demand for RNs, 279 Demand for videocassettes, 83 Demand for wine, 368 Demand for wristwatches, 181, 195 Depletion of Social Security funds, 315 Depreciation, 88, 365, 448 Designing a cruise ship pool, 589 Determining the optimal site, 570 Digital camera sales, 168 Digital TV sales, 280 Digital TV services, 44 Digital TV shipments, 95 Digital vs film cameras, 88 Disability benefits, 217 Disposable annual incomes, 86 Document management, 87 Driving costs, 81, 114, 154 Driving range of an automobile, 10 Drug spending, 281 DVD sales, 176, 407 Effect of advertising on bank deposits, 278 Effect of advertising on hotel revenue, 281 Effect of advertising on profit, 150, 239 Effect of advertising on sales, 86, 169, 235, 273, 387, 461 Effect of housing starts on jobs, 195 Effect of inflation on salaries, 359 Effect of luxury tax on consumption, 194 Effect of mortgage rates on housing starts, 75, 239 Effect of price increase on quantity demanded, 239, 242 Effect of speed on operating cost of a truck, 235 Effect of TV advertising on car sales, 461 Efficiency studies, 169, 280, 438 Elasticity of demand, 205, 208, 210, 211, 230 E-mail usage, 87 Energy conservation, 452, 460 Energy consumption and productivity, 130, 358 Energy efficiency of appliances, 367 Establishing a trust fund, 521 Expected demand, 394 Expressway tollbooths, 532 Federal budget deficit, 68, 252 Federal debt, 96, 314 Female self-employed workforce, 309 Financing a college education, 359, 475 Financing a home, 239, 241 Forecasting commodity prices, 239 Forecasting profits, 239, 281 Forecasting sales, 158, 416 Franchises, 475, 498 Frequency of road repairs, 531 Fuel consumption of domestic cars, 510 Fuel economy of cars, 172, 248 Gasoline prices, 291 Gasoline self-service sales, 57 Gas station sales, 531 Gender gap, 60 Google’s revenue, 282 Gross domestic product, 150, 166, 217, 239, 276, 311 Growth of bank deposits, 56 Growth of HMOs, 173, 490 Growth of managed services, 261 Growth of service industries, 512 Growth of Web sites, 336 Health-care costs, 170, 407 Health club membership, 158, 189 Home mortgages, 545, 546 Home sales, 173 Home-shopping industry, 135 Hotel occupancy rate, 75, 89, 194 Households with microwaves, 389 Housing prices, 358, 447 Housing starts, 76, 195, 225 Illegal ivory trade, 88 Income distribution of a country, 481 Income streams, 468, 519 Incomes of American families, 370 Indian gaming industry, 94 Inflation, 215 Information security software sales, 578 Installment contract sales, 481 Inventory control and planning, 129, 321, 322, 325, 329, 330 Investment analysis, 359, 469, 475 Investment options, 358 Investment returns, 240, 358, 394 IRAs, 470 Keogh accounts, 240, 481 Land prices, 557, 570, 606 Life span of color television tubes, 531 Life span of light bulbs, 525, 528 Linear depreciation, 61, 88 Loan amortization, 370, 545, 546 Loan consolidation, 358 Loans at Japanese banks, 367 Locating a TV relay station, 568 Lorentz curves, 472, 475, 498 Magazine circulation, 403 Management decisions, 281, 469 Manufacturing capacity, 67, 173, 266, 284 Manufacturing capacity operating rate, 307 Manufacturing costs, 74 Marginal average cost function, 200, 201, 209, 210 Marginal cost function, 198, 199, 209, 210, 437, 480 Marginal productivity of labor and capital, 552 Marginal productivity of money, 591 (continued) List of Applications (continued) Marginal profit, 203, 209, 210 Marginal propensity to consume, 210 Marginal propensity to save, 210 Marginal revenue, 203, 209, 210, 311, 367, 480 Market equilibrium, 83, 91, 95, 157, 158, 466 Market for cholesterol-reducing drugs, 78 Market for drugs, 579, 583 Market share, 148, 404 Markup on a car, 10 Mass transit subsidies, 578 Maximizing crop yield, 323 Maximizing oil production, 368 Maximizing production, 593 Maximizing profit, 303, 309, 310, 328, 329, 567, 569, 576, 588, 591, 592 Maximizing revenue, 310, 324, 367 Maximizing sales, 593 Meeting profit goals, 10 Meeting sales targets, 10 Metal fabrication, 322 Minimizing construction costs, 322, 329, 592, 593 Minimizing container costs, 319, 323, 329, 593 Minimizing costs of laying cable, 324 Minimizing heating and cooling costs, 571 Minimizing packaging costs, 323, 329 Minimizing production costs, 310 Minimizing shipping costs, 29 Morning traffic rush, 267 Mortgage rates, 496 Multimedia sales, 220, 285 Navigation systems, 44, 48 Net investment flow, 448 Net sales, 578 New construction jobs, 184 Newsmagazine shows, 418 Nielsen television polls, 134, 147 Office rents, 311 Oil production, 448, 460, 481, 487 Oil spills, 230, 506, 535 Online ad sales, 407 Online banking, 366, 390 Online buyers, 168, 377 Online hotel reservations, 328 Online retail sales, 358 Online sales of used autos, 579 Online shopping, 96 Online spending, 96, 579 Operating costs of a truck, 235 Operating rates of factories, mines, and utilities, 307 Optimal charter flight fare, 324 Optimal market price, 364 Optimal selling price, 368 Optimal speed of a truck, 325 Optimal subway fare, 318 Outpatient service companies, 408 Outsourcing of jobs, 87, 193, 281 Ownership of portable phones, 168 Packaging, 52, 91, 317, 319, 329, 570, 571 PC shipments, 281 Pensions, 358, 359 Perpetual net income stream, 521 Perpetuities, 535 Personal consumption expenditure, 210 Portable phone services, 168, 580 Present value of a franchise, 490 Present value of an income stream, 475 Prime interest rate, 130 Producers’ surplus, 467, 473, 474, 476, 481, 497, 511, 535 Product design, 323 Product reliability, 531 Production costs, 208, 209, 433 Production of steam coal, 489 Productivity of a country, 557 Productivity fueled by oil, 368 Profit of a vineyard, 92, 325 Projected Provident funds, 262 Projection TV sales, 480 Purchasing power, 358 Quality control, 10, 406 Racetrack design, 325 Rate of bank failures, 220, 266, 314 Rate of change of DVD sales, 176 Rate of change of housing starts, 225 Rate of return on investment, 358, 490 Real estate, 355, 359, 428, 447, 510 Reliability of computer chips, 387 Reliability of microprocessors, 532 Reliability of robots, 531 Resale value, 387 Retirement planning, 358, 359, 481 Revenue growth of a home theater business, 358 Revenue of a charter yacht, 324 Reverse annuity mortgage, 475 Sales forecasts, 51 Sales growth and decay, 44 Sales of digital signal processors, 95, 169 Sales of digital TVs, 86 Sales of drugs, 582 Sales of DVD players vs VCRs, 89 Sales of functional food products, 262 Sales of GPS equipment, 579 Sales of mobile processors, 281 Sales of pocket computers, 438 Sales of prerecorded music, 60 Sales of a sporting good store, 38 Sales of video games, 535 Sales promotions, 367 Sales tax, 61 Satellite radio subscriptions, 406 Selling price of DVD recorders, 87, 193 Shopping habits, 531 Sickouts, 314 Sinking funds, 471 Social Security beneficiaries, 136 Social Security contributions, 43 Social Security wage base, 579 Solvency of the Social Security system, 299, 315 Spending on Medicare, 169 Starbucks’ annual sales, 582 Starbucks’ store count, 578 Stock purchase, 4 Substitute commodities, 553, 558, 610 Supply and demand, 83, 90, 168, 226, 230, 418 Tax planning, 358 Testing new products, 217 Time on the market, 285, 314 Tread-lives of tires, 512 Truck leasing, 61 Trust funds, 525 TV-viewing patterns, 134, 193 VCR ownership, 497 Use of diesel engines, 314 Value of an art object, 39 Value of an investment, 74 U.S. daily oil consumption, 511 U.S. drug sales, 579 U.S. nutritional supplements market, 88 U.S. online banking households, 579 U.S. strategic petroleum reserves, 511 Venture-capital investment, 311 Wages, 145 Web hosting, 262 Wilson lot size formula, 546 Worker efficiency, 62, 86, 169, 280, 329 World production of coal, 447, 481 Worldwide production of vehicles, 197 Yahoo! in Europe, 377 Yield of an apple orchard, 91 SOCIAL SCIENCES Age of drivers in crash fatalities, 263 Aging drivers, 86 Aging population, 193, 218, 617 Air pollution, 194, 262, 263, 267, 282, 408, 511 Air purification, 217 Alcohol-related traffic accidents, 489 Annual college costs, 583 Arson for profit, 545 Bursts of knowledge, 124 Continuing education enrollment, 194 Closing the gender gap in education, 61 College admissions, 43, 578 Commuter trends, 480 Continuing education enrollment, 194 Cost of removing toxic waste, 114, 178, 181, 296 Crime, 217, 239, 257, 311 Cube rule, 62 Curbing population growth, 170 Decline of union membership, 67 Demographics, 388 Dependency ratio, 282 Disability benefits, 217 Disability rates, 336 Dissemination of information, 388 Distribution of incomes, 10, 360, 473, 475 Educational level of senior citizens, 40, 577 Effect of budget cuts on crime rate, 280 Effect of smoking bans, 280 Elderly workforce, 262 Endowments, 519, 521 Energy conservation, 456 Energy needs, 435 Family vs annual income, 360 Female life expectancy, 192, 418, 610 Food stamp recipients, 315 Foreign-born residents, 311 Gender gap, 60 Global epidemic, 440 Global supply of plutonium, 75 Growth of HMOs, 173, 284 Health-care spending, 73, 170 HMOs, 79 Immigration, 89, 386 Income distributions, 473 Increase in juvenile offenders, 371 Index of environmental quality, 329 Intervals between phone calls, 532 Lay teachers at Roman Catholic schools, 385, 391 Learning curves, 124, 129, 181, 239, 387, 418 Logistic curves, 385 Male life expectancy, 245, 580 Marijuana arrests, 96, 440 Married households, 336 Married households with children, 168 Mass transit, 318, 578 Medical school applicants, 262 Membership in credit unions, 448 Narrowing gender gap, 44 Nuclear plant utilization, 43 (continued on back endpaper) BASIC RULES OF DIFFERENTIATION 1. 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