Xem mẫu
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. (c) 0, c a constant
2. (un) nun1
3. (u √)
4. (cu) c , c a constant
5. (u√) u √
√ u 6. !@
7. (eu) eu
8. (ln u)
BASIC RULES OF INTEGRATION
1. µ du u C
2. µ kf(u) du k µ f(u) du, k a constant
3. µ [f(u) g(u)] du µ f(u) du µ g(u) du
n1
4. un du C, n 1
5. µ eu du eu C
6. µ lnu C
...
- tailieumienphi.vn
nguon tai.lieu . vn