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Principles of Microeconomics

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Edition:
4th
ISBN13:

9780324319163

ISBN10:
0324319169
Format:
Paperback
Pub. Date:
1/27/2006
Publisher(s):
Cengage Learning
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Summary

Mankiw's Principles of Economics textbooks continue to be the most popular and widely used text in the economics classroom. PRINCIPLES OF MICROECONOMICS, 4th Edition features a strong revision of content in all 22 chapters while maintaining the clear and accessible writing style that is the hallmark of the highly respected author. The 4th edition also features an expanded instructor's resource package designed to assist instructors in course planning and classroom presentation and full integration of content with Aplia, the leading online Economics education program. In the 4th edition Greg Mankiw has created a full educational program for students and instructors -- Experience Mankiw 4th edition. "I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should and do find interesting about the study of the economy." - N. Gregory Mankiw.

Table of Contents

Preface: To the Instructor vii
Preface: To the Student xxi
PART 1 INTRODUCTION
1(60)
Ten Principles of Economics
3(16)
How People Make Decisions
4(4)
Principle 1: People Face Trade-offs
4(1)
Principle 2: The Cost of Something Is What You Give Up to Get It
5(1)
Principle 3: Rational People Think at the Margin
6(1)
Principle 4: People Respond to Incentives
7(1)
How People Interact
8(3)
Principle 5: Trade Can Make Everyone Better Off
8(1)
Principle 6: Markets Are Usually a Good Way to Organize Economic Activity
9(1)
Principle 7: Governments Can Sometimes Improve Market Outcomes
10(1)
FYI: Adam Smith and the Invisible Hand
10(1)
How the Economy as a Whole Works
11(3)
Principle 8: A Country's Standard of Living Depends on Its Ability to Produce Goods and Services
12(1)
Principle 9: Prices Rise When the Government Prints Too Much Money
12(1)
Principle 10: Society Faces a Short-Run Trade-off between Inflation and Unemployment
13(1)
FYI: How to Read This Book
14(1)
Conclusion
14(1)
Summary
15(1)
Key Concepts
15(1)
Questions for Review
16(1)
Problems and Applications
16(3)
Thinking Like an Economist
19(28)
The Economist as Scientist
20(8)
The Scientific Method: Observation, Theory, and More Observation
20(1)
The Role of Assumptions
21(1)
Economic Models
22(1)
Our First Model: The Circular-Flow Diagram
22(2)
Our Second Model: The Production Possibilities Frontier
24(2)
Microeconomics and Macroeconomics
26(1)
FYI: Who Studies Economics?
27(1)
The Economist as Policy Adviser
28(4)
Positive versus Normative Analysis
28(1)
Economists in Washington
29(1)
In the News: Super Bowl Economics
30(1)
Case Study: Mr. Mankiw Goes to Washington
31(1)
Why Economists Disagree
32(2)
Differences in Scientific Judgments
32(1)
Differences in Values
33(1)
Perception versus Reality
33(1)
Let's Get Going
34(2)
In the News: Why You Should Study Economics
35(1)
Summary
36(1)
Key Concepts
36(1)
Questions for Review
36(1)
Problems and Applications
36(2)
Appendix Graphing: A Brief Review
38(9)
Graphs of a Single Variable
38(1)
Graphs of Two Variables: The Coordinate System
39(1)
Curves in the Coordinate System
40(2)
Slope
42(2)
Cause and Effect
44(3)
Interdependence and the Gains From Trade
47(14)
A Parable for the Modern Economy
48(4)
Production Possibilities
48(2)
Specialization and Trade
50(2)
Comparative Advantage: The Driving Force of Specialization
52(3)
Absolute Advantage
52(1)
Opportunity Cost and Comparative Advantage
52(2)
Comparative Advantage and Trade
54(1)
FYI: The Legacy of Adam Smith and David Ricardo
55(1)
Applications of Comparative Advantage
55(3)
Should Tiger Woods Mow His Own Lawn?
55(1)
In the News: Evolution and Economics
56(1)
Should the United States Trade with Other Countries?
56(2)
Conclusion
58(1)
Summary
58(1)
Key Concepts
59(1)
Questions for Review
59(1)
Problems and Applications
59(2)
PART 2 HOW MARKETS WORK
61(74)
The Market Forces of Supply and Demand
63(26)
Markets and Competition
64(1)
What Is a Market?
64(1)
What Is Competition?
64(1)
Demand
65(6)
The Demand Curve: The Relationship between Price and Quantity Demanded
65(1)
Market Demand versus Individual Demand
66(1)
Shifts in the Demand Curve
67(2)
Case Study: Two Ways to Reduce the Quantity of Smoking Demanded
69(2)
Supply
71(4)
The Supply Curve: The Relationship between Price and Quantity Supplied
71(1)
Market Supply versus Individual Supply
71(1)
Shifts in the Supply Curve
72(3)
Supply and Demand Together
75(7)
Equilibrium
75(2)
Three Steps to Analyzing Changes in Equilibrium
77(4)
In the News: Political Unrest Shifts the Supply Curve
81(1)
Conclusion: How Prices Allocate Resources
82(2)
Summary
84(1)
Key Concepts
84(1)
Questions for Review
85(1)
Problems and Applications
85(4)
Elasticity and Its Application
89(24)
The Elasticity of Demand
90(9)
The Price Elasticity of Demand and Its Determinants
90(1)
Computing the Price Elasticity of Demand
91(1)
The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
92(1)
The Variety of Demand Curves
93(1)
Total Revenue and the Price Elasticity of Demand
93(2)
Elasticity and Total Revenue along a Linear Demand Curve
95(3)
In the News: On the Road with Elasticity
98(1)
Other Demand Elasticities
98(1)
The Elasticity of Supply
99(4)
The Price Elasticity of Supply and Its Determinants
100(1)
Computing the Price Elasticity of Supply
100(1)
The Variety of Supply Curves
100(3)
Three Applications of Supply, Demand, and Elasticity
103(5)
Can Good News for Farming Be Bad News for Farmers?
103(2)
Why Did OPEC Fail to Keep the Price of Oil High?
105(2)
Does Drug Interdiction Increase or Decrease Drug-Related Crime?
107(1)
Conclusion
108(1)
Summary
109(1)
Key Concepts
109(1)
Questions for Review
109(1)
Problems and Applications
110(3)
Supply, Demand, And Government Policies
113(22)
Controls on Prices
114(10)
How Price Ceilings Affect Market Outcomes
114(2)
Case Study: Lines at the Gas Pump
116(1)
Case Study: Rent Control in the Short Run and Long Run
117(1)
How Price Floors Affect Market Outcomes
118(2)
In the News: Rent Control in New York
120(1)
Case Study: The Minimum Wage
120(3)
Evaluating Price Controls
123(1)
Taxes
124(7)
How Taxes on Buyers Affect Market Outcomes
124(2)
How Taxes on Sellers Affect Market Outcomes
126(2)
Case Study: Can Congress Distribute the Burden of a Payroll Tax?
128(1)
Elasticity and Tax Incidence
129(1)
Case Study: Who Pays the Luxury Tax?
129(2)
Conclusion
131(1)
Summary
131(1)
Key Concepts
132(1)
Questions for Review
132(1)
Problems and Applications
132(3)
PART 3 MARKETS AND WELFARE
135(66)
Consumers, Producers, and the Efficiency of Markets
137(22)
Consumer Surplus
138(5)
Willingness to Pay
138(1)
Using the Demand Curve to Measure Consumer Surplus
139(1)
How a Lower Price Raises Consumer Surplus
140(2)
What Does Consumer Surplus Measure?
142(1)
Producer Surplus
143(4)
Cost and the Willingness to Sell
143(1)
Using the Supply Curve to Measure Producer Surplus
144(2)
How a Higher Price Raises Producer Surplus
146(1)
Market Efficiency
147(7)
The Benevolent Social Planner
147(1)
Evaluating the Market Equilibrium
148(3)
In the News: Ticket Scalping
151(1)
Case Study: Should There Be a Market in Organs?
152(1)
In the News: The Miracle of the Market
153(1)
Conclusion: Market Efficiency and Market Failure
154(1)
Summary
155(1)
Key Concepts
155(1)
Questions for Review
155(1)
Problems and Applications
156(3)
Application: The Costs of Taxation
159(18)
The Deadweight Loss of Taxation
160(5)
How a Tax Affects Market Participants
161(2)
Deadweight Losses and the Gains from Trade
163(2)
The Determinants of the Deadweight Loss
165(2)
Case Study: The Deadweight Loss Debate
165(2)
Deadweight Loss and Tax Revenue as Taxes Vary
167(5)
FYI: Henry George and the Land Tax
169(1)
Case Study: The Laffer Curve and Supply-Side Economics
170(1)
In the News: On the Way to France
171(1)
Conclusion
172(1)
Summary
173(1)
Key Concept
173(1)
Questions for Review
173(1)
Problems and Applications
173(4)
Application: International Trade
177(24)
The Determinants of Trade
178(1)
The Equilibrium without Trade
178(1)
The World Price and Comparative Advantage
179(1)
The Winners and Losers from Trade
179(8)
The Gains and Losses of an Exporting Country
180(1)
The Gains and Losses of an Importing Country
181(2)
In the News: Cheap Clothes from China
183(1)
The Effects of a Tariff
184(2)
FYI: Import Quotas: Another Way to Restrict Trade
186(1)
The Lessons for Trade Policy
186(1)
The Arguments for Restricting Trade
187(7)
FYI: Other Benefits of International Trade
188(1)
The Jobs Argument
188(1)
In the News: Offshore Outsourcing
189(1)
The National-Security Argument
190(1)
The Infant-Industry Argument
190(1)
The Unfair-Competition Argument
191(1)
The Protection-as-a-Bargaining-Chip Argument
191(1)
Case Study: Trade Agreements and the World Trade Organization
192(1)
In the News: Globalization
193(1)
Conclusion
194(1)
Summary
195(1)
Key Concepts
195(1)
Questions for Review
196(1)
Problems and Applications
196(5)
PART 4 THE ECONOMICS OF THE PUBLIC SECTOR
201(64)
Externalities
203(20)
Externalities and Market Inefficiency
204(5)
Welfare Economics: A Recap
205(1)
Negative Externalities
206(1)
Positive Externalities
207(1)
Case Study: Technology Spillovers, Industrial Policy, and Patent Protection
208(1)
Private Solutions to Externalities
209(3)
The Types of Private Solutions
209(1)
The Coase Theorem
210(1)
Why Private Solutions Do Not Always Work
211(1)
Public Policies toward Externalities
212(7)
Command-and-Control Policies: Regulation
212(1)
Market-Based Policy 1: Corrective Taxes and Subsidies
213(1)
In the News: Conserving Fuel
214(1)
Case Study: Why Is Gasoline Taxed So Heavily?
215(1)
Market-Based Policy 2: Tradable Pollution Permits
216(2)
In The News: Controlling Carbon
218(1)
Objections to the Economic Analysis of Pollution
219(1)
Conclusion
219(1)
Summary
220(1)
Key Concepts
220(1)
Questions for Review
220(1)
Problems and Applications
221(2)
Public Goods and Common Resources
223(18)
The Different Kinds of Goods
224(1)
Public Goods
225(6)
The Free-Rider Problem
226(1)
Some Important Public Goods
226(2)
Case Study: Are Lighthouses Public Goods?
228(1)
The Difficult Job of Cost-Benefit Analysis
229(1)
Case Study: How Much Is a Life Worth?
230(1)
Common Resources
231(5)
The Tragedy of the Commons
231(1)
Some Important Common Resources
232(1)
In the News: A Solution to City Congestion
233(1)
Case Study: Why the Cow Is Not Extinct
234(1)
In the News: Should Yellowstone Charge as Much as Disney World?
235(1)
Conclusion: The Importance of Property Rights
236(1)
Summary
236(1)
Key Concepts
237(1)
Questions for Review
237(1)
Problems and Applications
237(4)
The Design of the Tax System
241(24)
A Financial Overview of the U.S. Government
242(7)
The Federal Government
242(4)
Case Study: The Fiscal Challenge Ahead
246(2)
State and Local Government
248(1)
Taxes and Efficiency
249(4)
Deadweight Losses
250(1)
Case Study: Should Income or Consumption Be Taxed?
250(1)
Administrative Burden
251(1)
Marginal Tax Rates versus Average Tax Rates
252(1)
Case Study: Iceland's Natural Experiment
252(1)
Lump-Sum Taxes
253(1)
Taxes and Equity
253(7)
The Benefits Principle
254(1)
The Ability-to-Pay Principle
254(1)
Case Study: How the Tax Burden Is Distributed
255(2)
In the News: Tax Reform around the World
257(1)
Case Study: Horizontal Equity and the Marriage Tax
257(2)
Tax Incidence and Tax Equity
259(1)
Case Study: Who Pays the Corporate Income Tax?
259(1)
Conclusion: The Trade-off between Equity and Efficiency
260(1)
Summary
261(1)
Key Concepts
261(1)
Questions for Review
261(1)
Problems and Applications
262(3)
PART 5 FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY
265(126)
The Costs of Production
267(22)
What Are Costs?
268(3)
Total Revenue, Total Cost, and Profit
268(1)
Costs as Opportunity Costs
268(1)
The Cost of Capital as an Opportunity Cost
269(1)
Economic Profit versus Accounting Profit
270(1)
Production and Costs
271(3)
The Production Function
271(2)
From the Production Function to the Total-Cost Curve
273(1)
The Various Measures of Cost
274(6)
Fixed and Variable Costs
275(1)
Average and Marginal Cost
276(1)
Cost Curves and Their Shapes
277(1)
Typical Cost Curves
278(2)
Costs in the Short Run and in the Long Run
280(2)
The Relationship between Short-Run and Long-Run Average Total Cost
280(1)
Economies and Diseconomies of Scale
281(1)
FYI: Lessons from a Pin Factory
282(1)
Conclusion
282(1)
Summary
283(1)
Key Concepts
284(1)
Questions for Review
284(1)
Problems and Applications
285(4)
Firms in Competitive Markets
289(22)
What Is a Competitive Market?
290(2)
The Meaning of Competition
290(1)
The Revenue of a Competitive Firm
290(2)
Profit Maximization and the Competitive Firm's Supply Curve
292(9)
A Simple Example of Profit Maximization
292(1)
The Marginal-Cost Curve and the Firm's Supply Decision
293(2)
The Firm's Short-Run Decision to Shut Down
295(2)
Spilt Milk and Other Sunk Costs
297(1)
Case Study: Near-Empty Restaurants and Off-Season Miniature Golf
298(1)
The Firm's Long-Run Decision to Exit or Enter a Market
298(1)
Measuring Profit in Our Graph for the Competitive Firm
299(2)
The Supply Curve in a Competitive Market
301(5)
The Short Run: Market Supply with a Fixed Number of Firms
301(1)
The Long Run: Market Supply with Entry and Exit
302(1)
Why Do Competitive Firms Stay in Business If They Make Zero Profit?
303(1)
A Shift in Demand in the Short Run and Long Run
304(1)
Why the Long-Run Supply Curve Might Slope Upward
304(2)
Conclusion: Behind the Supply Curve
306(1)
Summary
307(1)
Key Concepts
307(1)
Questions for Review
307(1)
Problems and Applications
308(3)
Monopoly
311(34)
Why Monopolies Arise
312(3)
Monopoly Resources
313(1)
Case Study: The DeBeers Diamond Monopoly
313(1)
Government-Created Monopolies
313(1)
Natural Monopolies
314(1)
How Monopolies Make Production and Pricing Decisions
315(8)
Monopoly versus Competition
316(1)
A Monopoly's Revenue
317(1)
Profit Maximization
318(2)
A Monopoly's Profit
320(1)
FYI: Why a Monopoly Does Not Have a Supply Curve
321(1)
Case Study: Monopoly Drugs versus Generic Drugs
322(1)
The Welfare Cost of Monopoly
323(3)
The Deadweight Loss
323(2)
The Monopoly's Profit: A Social Cost?
325(1)
Public Policy toward Monopolies
326(3)
Increasing Competition with Antitrust Laws
326(1)
Regulation
327(1)
Public Ownership
328(1)
Doing Nothing
329(1)
Price Discrimination
329(6)
In the News: Public Transport and Private Enterprise
330(1)
A Parable about Pricing
330(2)
The Moral of the Story
332(1)
The Analytics of Price Discrimination
333(1)
Examples of Price Discrimination
334(1)
Conclusion: The Prevalence of Monopoly
335(3)
In the News: TKTS and Other Schemes
336(2)
Summary
338(1)
Key Concepts
339(1)
Questions for Review
339(1)
Problems and Applications
340(5)
Oligopoly
345(28)
Between Monopoly and Perfect Competition
346(1)
Markets with Only a Few Sellers
347(6)
In the News: The Growth of Oligopoly
348(1)
A Duopoly Example
348(1)
Competition, Monopolies, and Cartels
349(1)
The Equilibrium for an Oligopoly
350(1)
In the News: The Global Fight against Cartels
351(1)
How the Size of an Oligopoly Affects the Market Outcome
352(1)
Game Theory and the Economics of Cooperation
353(7)
The Prisoners' Dilemma
354(1)
Oligopolies as a Prisoners' Dilemma
355(1)
Case Study: OPEC and the World Oil Market
356(1)
Other Examples of the Prisoners' Dilemma
357(2)
The Prisoners' Dilemma and the Welfare of Society
359(1)
Why People Sometimes Cooperate
359(1)
Case Study: The Prisoners' Dilemma Tournament
360(1)
Public Policy toward Oligopolies
360(5)
Restraint of Trade and the Antitrust Laws
361(1)
Case Study: An Illegal Phone Call
361(1)
Controversies over Antitrust Policy
362(2)
Case Study: The Microsoft Case
364(1)
Conclusion
365(2)
In the News: Antitrust in the New Economy
366(1)
Summary
367(1)
Key Concepts
367(1)
Questions for Review
367(1)
Problems and Applications
368(5)
Monopolistic Competition
373(18)
Competition with Differentiated Products
374(6)
The Monopolistically Competitive Firm in the Short Run
374(1)
The Long-Run Equilibrium
375(2)
Monopolistic versus Perfect Competition
377(2)
Monopolistic Competition and the Welfare of Society
379(1)
FYI: Is Excess Capacity a Social Problem?
380(1)
Advertising
380(6)
The Debate over Advertising
381(1)
Case Study: Advertising and the Price of Eyeglasses
382(1)
Advertising as a Signal of Quality
382(1)
FYI: Galbraith versus Hayek
383(1)
Brand Names
384(2)
Conclusion
386(1)
Summary
387(1)
Key Concept
387(1)
Questions for Review
387(1)
Problems and Applications
388(3)
PART 6 THE ECONOMICS OF LABOR MARKETS
391(62)
The Markets for the Factors of Production
393(20)
The Demand for Labor
394(7)
The Competitive Profit-Maximizing Firm
394(1)
The Production Function and the Marginal Product of Labor
395(2)
The Value of the Marginal Product and the Demand for Labor
397(1)
What Causes the Labor-Demand Curve to Shift?
398(1)
FYI: Input Demand and Output Supply: Two Sides of the Same Coin
399(1)
FYI: The Luddite Revolt
400(1)
The Supply of Labor
401(1)
The Trade-off between Work and Leisure
401(1)
What Causes the Labor-Supply Curve to Shift?
401(1)
Equilibrium in the Labor Market
402(4)
Shifts in Labor Supply
402(2)
Shifts in Labor Demand
404(1)
Case Study: Productivity and Wages
405(1)
FYI: Monopsony
406(1)
The Other Factors of Production: Land and Capital
406(4)
Equilibrium in the Markets for Land and Capital
407(1)
FYI: What Is Capital Income?
408(1)
Linkages among the Factors of Production
408(1)
Case Study: The Economics of the Black Death
409(1)
Conclusion
410(1)
Summary
410(1)
Key Concepts
410(1)
Questions for Review
411(1)
Problems and Applications
411(2)
Earnings and Discrimination
413(18)
Some Determinants of Equilibrium Wages
414(8)
Compensating Differentials
414(1)
Human Capital
414(1)
Case Study: The Increasing Value of Skills
415(1)
Ability, Effort, and Chance
416(1)
In the News: The Loss of Manufacturing Jobs
417(1)
Case Study: The Benefits of Beauty
418(1)
An Alternative View of Education: Signaling
419(1)
The Superstar Phenomenon
419(1)
In the News: Are Elite Colleges Worth the Cost?
420(1)
Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages
421(1)
The Economics of Discrimination
422(5)
Measuring Labor-Market Discrimination
422(2)
Case Study: Is Emily More Employable than Lakisha?
424(1)
Discrimination by Employers
424(1)
Case Study: Segregated Streetcars and the Profit Motive
425(1)
Discrimination by Customers and Governments
426(1)
Case Study: Discrimination in Sports
426(1)
Conclusion
427(1)
Summary
428(1)
Key Concepts
428(1)
Questions for Review
428(1)
Problems and Applications
429(2)
Income Inequality and Poverty
431(22)
The Measurement of Inequality
432(7)
U.S. Income Inequality
432(1)
Inequality around the World
433(1)
The Poverty Rate
434(1)
In the News: The Global Distribution of Income
435(2)
Problems in Measuring Inequality
437(1)
Economic Mobility
438(1)
The Political Philosophy of Redistributing Income
439(3)
Utilitarianism
439(1)
Liberalism
440(1)
Libertarianism
441(1)
Policies to Reduce Poverty
442(7)
Minimum-Wage Laws
442(1)
Welfare
443(1)
In the News: Hurricane Katrina and Its Aftermath
444(1)
Negative Income Tax
444(1)
In-Kind Transfers
445(1)
In the News: Child Labor
446(1)
Antipoverty Programs and Work Incentives
447(2)
Conclusion
449(1)
Summary
450(1)
Key Concepts
450(1)
Questions for Review
450(1)
Problems and Applications
451(2)
PART 7 TOPICS FOR FURTHER STUDY
453(52)
The Theory of Consumer Choice
455(28)
The Budget Constraint: What the Consumer Can Afford
456(1)
Preferences: What the Consumer Wants
457(5)
Representing Preferences with Indifference Curves
458(1)
Four Properties of Indifference Curves
459(1)
Two Extreme Examples of Indifference Curves
460(2)
Optimization: What the Consumer Chooses
462(7)
The Consumer's Optimal Choices
462(1)
FYI: Utility: An Alternative Way to Describe Preferences and Optimization
463(1)
How Changes in Income Affect the Consumer's Choices
464(1)
How Changes in Prices Affect the Consumer's Choices
465(1)
Income and Substitution Effects
466(2)
Deriving the Demand Curve
468(1)
Three Applications
469(8)
Do All Demand Curves Slope Downward?
469(2)
How Do Wages Affect Labor Supply?
471(1)
Case Study: Income Effects on Labor Supply: Historical Trends, Lottery Winners, and the Carnegie Conjecture
472(2)
How Do Interest Rates Affect Household Saving?
474(3)
Conclusion: Do People Really Think This Way?
477(1)
Summary
478(1)
Key Concepts
478(1)
Questions for Review
478(1)
Problems and Applications
479(4)
Frontiers of Microeconomics
483(22)
Asymmetric Information
484(6)
Hidden Actions: Principals, Agents, and Moral Hazard
484(1)
Case Study: Corporate Management
485(1)
Hidden Characteristics: Adverse Selection and the Lemons Problem
486(1)
In the News: The Fruits of Moral Hazard
487(1)
Signaling to Convey Private Information
487(1)
Case Study: Gifts as Signals
488(1)
Screening to Induce Information Revelation
489(1)
Asymmetric Information and Public Policy
489(1)
Political Economy
490(6)
The Condorcet Voting Paradox
490(1)
Arrow's Impossibility Theorem
491(1)
The Median Voter Is King
492(2)
In the News: Farm Policy and Politics
494(1)
Politicians Are People Too
494(2)
Behavioral Economics
496(3)
People Aren't Always Rational
496(1)
People Care about Fairness
497(1)
People Are Inconsistent over Time
498(1)
Conclusion
499(2)
In the News: The Psychology of Saving
500(1)
Summary
501(1)
Key Concepts
501(1)
Questions for Review
501(1)
Problems and Applications
501(4)
Appendix: Quick Quiz Answers 505(10)
Glossary 515(4)
Index 519


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