• Microeconomics Made Simple: Errata

    micro made simple

    This page lists errors in and corrections to Microeconomics Made Simple, by Austin Frakt and Mike Piper. We are grateful to readers who bring them to our attention. You can find a summary of the book, its table of contents, and links to other excerpts here.

    Finding Your Book’s Version Number

    Your book’s version number is found under the ISBN on the copyright page of the book. If your copy has no version number, then it is version 1.

    Errors in Versions Below 1.1 

    Error: In early copies, Figure 1.2 was rendered incorrectly. If your copy has a Figure 1.2, then the following correction applies. Versions of the book without a Figure 1.2 have already been corrected.

    Correction: First, replace the paragraph of text just above Figure 1.1 with:

    Figure 1.1 illustrates what this would look like if we assume that you enjoy each of the first three slices (and it is the fourth that reduces your total utility). Notice that even though you enjoy the second slice, it doesn’t add as much to your utility as the first slice did. The third adds even less. And the fourth slice actually brings negative marginal utility (i.e., it reduces your utility).

    Next, replace footnote 1 in Chapter 1 with the following text:

    In Figure 1.1, the vertical axis is measured in something economists call “utils”—a hypothetical unit of utility.

    Finally, delete Figure 1.2.