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This page intentionally left blank
About the authors
Walter Nicholson is the Ward H. Patton Professor of Economics at Amherst College.
He received a B.A. in mathematics from Williams College and a Ph.D. in economics
from the Massachusetts Institute of Technology (MIT). Professor Nicholson’s primary
research interests are in the econometric analyses of labor market problems, including
welfare, unemployment, and the impact of international trade. For many years, he has
been Senior Fellow at Mathematica, Inc. and has served as an advisor to the U.S. and
Canadian governments. He and his wife, Susan, live in Naples, Florida, and Amherst,
Massachusetts.
Christopher M. Snyder is a Professor of Economics at Dartmouth College. He received
his B.A. in economics and mathematics from Fordham University and his Ph.D. in eco-
nomics from MIT. He is Research Associate in the National Bureau of Economic
Research, a member of the Industrial Organization Society board, and Associate Editor of
the International Journal of Industrial Organization and Review of Industrial Organiza-
tion. His research covers various theoretical and empirical topics in industrial organiza-
tion, contract theory, and law and economics.
Professor Snyder and his wife Maura Doyle (who also teaches economics at Dart-
mouth) live within walking distance of campus in Hanover, New Hampshire, with their
three school-aged daughters.
Professors Nicholson and Snyder are also the authors of Intermediate Microeconomics
and Its Application (Cengage Learning, 2010).

vii
This page intentionally left blank
 Brief Contents
Preface xix
PART
ONE Introduction 1
CHAPTER 1 Economic Models 3
CHAPTER 2 Mathematics for Microeconomics 21
PART
TWO Choice and Demand 87
CHAPTER 3 Preferences and Utility 89
CHAPTER 4 Utility Maximization and Choice 117
CHAPTER 5 Income and Substitution Effects 145
CHAPTER 6 Demand Relationships among Goods 187
PART
THREE Uncertainty and Strategy 207
CHAPTER 7 Uncertainty 209
CHAPTER 8 Game Theory 251
PART
FOUR Production and Supply 301
CHAPTER 9 Production Functions 303
CHAPTER 10 Cost Functions 333
CHAPTER 11 Profit Maximization 371
PART
FIVE Competitive Markets 407
CHAPTER 12 The Partial Equilibrium Competitive Model 409
CHAPTER 13 General Equilibrium and Welfare 457
PART
SIX Market Power 499
CHAPTER 14 Monopoly 501
CHAPTER 15 Imperfect Competition 531
PART
SEVEN Pricing in Input Markets 579
CHAPTER 16 Labor Markets 581
CHAPTER 17 Capital and Time 607
PART
EIGHT Market Failure 639
CHAPTER 18 Asymmetric Information 641
CHAPTER 19 Externalities and Public Goods 685
Brief Answers to Queries 717
Solutions to Odd-Numbered Problems 727
Glossary of Frequently Used Terms 739
Index 747

ix
This page intentionally left blank
 Contents
Preface ................................................................................................................................................ xix
PART
ONE Introduction
CHAPTER 1
Economic Models .................................................................................................................... 3
Theoretical Models 3
Verification of Economic Models 4
General Features of Economic Models 5
Development of the Economic Theory of Value 9
Modern Developments 17
Summary 18
Suggestions for Further Reading 19

CHAPTER 2
Mathematics for Microeconomics...................................................................................... 21
Maximization of a Function of One Variable 21
Functions of Several Variables 26
Maximization of Functions of Several Variables 33
The Envelope Theorem 35
Constrained Maximization 39
Envelope Theorem in Constrained Maximization Problems 45
Inequality Constraints 46
Second-Order Conditions and Curvature 48
Homogeneous Functions 55
Integration 58
Dynamic Optimization 63
Mathematical Statistics 67
Summary 76
Problems 77
Suggestions for Further Reading 82
Extensions: Second-Order Conditions and Matrix Algebra 83

PART
TWO Choice and Demand

CHAPTER 3
Preferences and Utility......................................................................................................... 89
Axioms of Rational Choice 89

xi
xii Contents

Utility 90
Trades and Substitution 92
The Mathematics of Indifference Curves 99
Utility Functions for Specific Preferences 102
The Many-Good Case 106
Summary 106
Problems 107
Suggestions for Further Reading 110
Extensions: Special Preferences 112

CHAPTER 4
Utility Maximization and Choice....................................................................................... 117
An Initial Survey 118
The Two-Good Case: A Graphical Analysis 119
The n-Good Case 122
Indirect Utility Function 128
The Lump Sum Principle 129
Expenditure Minimization 131
Properties of Expenditure Functions 134
Summary 136
Problems 136
Suggestions for Further Reading 140
Extensions: Budget Shares 141

CHAPTER 5
Income and Substitution Effects ....................................................................................... 145
Demand Functions 145
Changes in Income 147
Changes in a Good’s Price 149
The Individual’s Demand Curve 152
Compensated (Hicksian) Demand Curves and Functions 155
A Mathematical Development of Response to Price Changes 160
Demand Elasticities 163
Consumer Surplus 169
Revealed Preference and the Substitution Effect 174
Summary 176
Problems 177
Suggestions for Further Reading 180
Extensions: Demand Concepts and the Evaluation of Price Indices 181

CHAPTER 6
Demand Relationships among Goods............................................................................... 187
The Two-Good Case 187
Substitutes and Complements 189
Net (Hicksian) Substitutes and Complements 191
 Contents xiii

Substitutability with Many Goods 193

Composite Commodities 193
Home Production, Attributes of Goods, and Implicit Prices 197
Summary 200
Problems 200
Suggestions for Further Reading 203
Extensions: Simplifying Demand and Two-Stage Budgeting 204
PART
THREE Uncertainty and Strategy

CHAPTER 7
Uncertainty ........................................................................................................................... 209
Mathematical Statistics 209
Fair Gambles and the Expected Utility Hypothesis 210
Expected Utility 211
The von Neumann–Morgenstern Theorem 212
Risk Aversion 214
Measuring Risk Aversion 217
Methods for Reducing Uncertainty and Risk 222
Insurance 222
Diversification 223
Flexibility 224
Information 231
The State-Preference Approach to Choice Under Uncertainty 232
Asymmetry of Information 238
Summary 238
Problems 239
Suggestions for Further Reading 242
Extensions: The Portfolio Problem 244

CHAPTER 8
Game Theory ........................................................................................................................ 251
Basic Concepts 251
Prisoners’ Dilemma 252
Nash Equilibrium 254
Mixed Strategies 260
Existence of Equilibrium 265
Continuum of Actions 265
Sequential Games 268
Repeated Games 274
Incomplete Information 277
Simultaneous Bayesian Games 278
Signaling Games 282
Experimental Games 288
xiv Contents

Evolutionary Games and Learning 290

Summary 290
Problems 291
Suggestions for Further Reading 295
Extensions: Existence of Nash Equilibrium 296
PART
FOUR Production and Supply

CHAPTER 9
Production Functions .......................................................................................................... 303
Marginal Productivity 303
Isoquant Maps and the Rate of Technical Substitution 306
Returns to Scale 310
The Elasticity of Substitution 313
Four Simple Production Functions 316
Technical Progress 320
Summary 324
Problems 325
Suggestions for Further Reading 328
Extensions: Many-Input Production Functions 329
CHAPTER 10
Cost Functions...................................................................................................................... 333
Definitions of Costs 333
Cost-Minimizing Input Choices 336
Cost Functions 341
Cost Functions and Shifts in Cost Curves 345
Shephard’s Lemma and the Elasticity of Substitution 355
Short-Run, Long-Run Distinction 355
Summary 362
Problems 363
Suggestions for Further Reading 366
Extensions: The Translog Cost Function 367
CHAPTER 11
Profit Maximization ............................................................................................................. 371
The Nature and Behavior of Firms 371
Profit Maximization 373
Marginal Revenue 375
Short-Run Supply by a Price-Taking Firm 380
Profit Functions 383
Profit Maximization and Input Demand 389
Summary 395
Problems 396
Suggestions for Further Reading 400
Extensions: Boundaries of the Firm 401
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 Contents xv

PART
FIVE Competitive Markets

CHAPTER 12
The Partial Equilibrium Competitive Model .................................................................... 409
Market Demand 409
Timing of the Supply Response 413
Pricing in the Very Short Run 413
Short-Run Price Determination 415
Shifts in Supply and Demand Curves: A Graphical Analysis 419
Mathematical Model of Market Equilibrium 422
Long-Run Analysis 425
Long-Run Equilibrium: Constant Cost Case 426
Shape of the Long-Run Supply Curve 428
Long-Run Elasticity of Supply 431
Comparative Statics Analysis of Long-Run Equilibrium 431
Producer Surplus in the Long Run 435
Economic Efficiency and Welfare Analysis 438
Price Controls and Shortages 441
Tax Incidence Analysis 442
Summary 447
Problems 447
Suggestions for Further Reading 451
Extensions: Demand Aggregation and Estimation 453

CHAPTER 13
General Equilibrium and Welfare ..................................................................................... 457
Perfectly Competitive Price System 457
A Graphical Model of General Equilibrium with Two Goods 458
Comparative Statics Analysis 467
General Equilibrium Modeling and Factor Prices 469
A Mathematical Model of Exchange 471
A Mathematical Model of Production and Exchange 482
Computable General Equilibrium Models 485
Summary 489
Problems 490
Suggestions for Further Reading 494
Extensions: Computable General Equilibrium Models 495
PART
SIX Market Power

CHAPTER 14
Monopoly .............................................................................................................................. 501
Barriers to Entry 501
xvi Contents

Profit Maximization and Output Choice 503

Monopoly and Resource Allocation 507
Monopoly, Product Quality, and Durability 510
Price Discrimination 513
Second-Degree Price Discrimination through Price Schedules 517
Regulation of Monopoly 519
Dynamic Views of Monopoly 523
Summary 523
Problems 524
Suggestions for Further Reading 527
Extensions: Optimal Linear Two-Part Tariffs 528

CHAPTER 15
Imperfect Competition ........................................................................................................ 531
Short-Run Decisions: Pricing and Output 531
Bertrand Model 533
Cournot Model 534
Capacity Constraints 540
Product Differentiation 541
Tacit Collusion 547
Longer-Run Decisions: Investment, Entry, and Exit 551
Strategic Entry Deterrence 557
Signaling 559
How Many Firms Enter? 562
Innovation 566
Summary 568
Problems 569
Suggestions for Further Reading 572
Extensions: Strategic Substitutes and Complements 573
PART
SEVEN Pricing in Input Markets

CHAPTER 16
Labor Markets ...................................................................................................................... 581
Allocation of Time 581
A Mathematical Analysis of Labor Supply 584
Market Supply Curve for Labor 588
Labor Market Equilibrium 589
Wage Variation 591
Monopsony in the Labor Market 595
Labor Unions 598
Summary 601
Problems 601
Suggestions for Further Reading 605
 Contents xvii

CHAPTER 17
Capital and Time ................................................................................................................. 607
Capital and the Rate of Return 607
Determining the Rate of Return 609
The Firm’s Demand for Capital 616
Present Discounted Value Approach to Investment Decisions 618
Natural Resource Pricing 623
Summary 626
Problems 626
Suggestions for Further Reading 630
APPENDIX
The Mathematics of Compound Interest .......................................................................... 631
Present Discounted Value 631
Continuous Time 633
PART
EIGHT Market Failure

CHAPTER 18
Asymmetric Information ..................................................................................................... 641
Complex Contracts as a Response to Asymmetric Information 641
Principal-Agent Model 642
Hidden Actions 645
Owner-Manager Relationship 646
Moral Hazard in Insurance 650
Hidden Types 655
Nonlinear Pricing 656
Adverse Selection in Insurance 663
Market Signaling 670
Auctions 672
Summary 676
Problems 676
Suggestions for Further Reading 679
Extensions: Nonlinear Pricing with a Continuum of Types 680
CHAPTER 19
Externalities and Public Goods......................................................................................... 685
Defining Externalities 685
Externalities and Allocative Inefficiency 687
Solutions to the Externality Problem 691
Attributes of Public Goods 694
Public Goods and Resource Allocation 696
Lindahl Pricing of Public Goods 700
Voting and Resource Allocation 703
A Simple Political Model 705
xviii Contents

Voting Mechanisms 708

Summary 710
Problems 710
Suggestions for Further Reading 713
Extensions: Pollution Abatement 714

Brief Answers to Queries...............................................................................................................717

Solutions to Odd-Numbered Problems .......................................................................................727
Glossary of Frequently Used Terms ............................................................................................. 739
Index ................................................................................................................................................... 747
Preface
The 11th edition of Microeconomic Theory: Basic Principles and Extensions continues
a successful collaboration between the authors starting with the 10th edition. This edition
represents a significant effort to continue refining and modernizing our treatment of
microeconomics. Despite the significant changes appearing in virtually every chapter, the
text retains all of the elements that have made it successful for so many editions. The ba-
sic approach is to focus on building intuition about economic models while providing
students with the mathematical tools needed to go further in their studies. The text also
seeks to facilitate that linkage by providing many numerical examples, advanced prob-
lems, and extended discussions of empirical implementation—all of which are intended
to show students how microeconomic theory is used today. New developments continue
to keep the field exciting, and we hope this edition manages to capture that excitement.

New to the Eleventh Edition

We took a fresh look at every chapter to make sure that they continue to provide clear
and up-to-date coverage of all of the topics examined. The major revisions include the
following.
• Many of the topics in our introductory chapter on mathematics have been revised to
conform more closely to methods usually encountered in the recent economics liter-
ature.
• The chapters on uncertainty and game theory have been broken out into their own
separate part. This shrinks the part of the book on choice and demand to a more
manageable size and emphasizes the unique nature of the strategy and uncertainty
topics.
• The chapter on uncertainty (Chapter 7) has been extensively revised. The sections on
real options and the value of information have been expanded. Applications to finan-
cial economics and the portfolio problem have been streamlined and collected in the
Extensions.
• The treatment of game theory (Chapter 8) has been substantially streamlined, pro-
viding the same level of rigor in a third less space.
• A modern treatment of the literature on firms’ boundaries and objectives (The
Theory of the Firm) has been added to the body of Chapter 9 and expanded on fur-
ther in the Extensions.
• Our general equilibrium chapter (Chapter 13) has been thoroughly revised. Most
notably we now use this chapter to provide students with an elementary introduction
to vector notation.
• We have added a number of new topics to our discussion of labor markets focusing
mainly on issues related to human capital and job search.
• Coverage of behavioral economics has been expanded, sprinkled throughout various
relevant chapters. A handful of behavioral economics problems have been included.
• The public-good problem is rigorously analyzed using game theory (Chapter 19).
• Dozens of new problems have been added.

xix
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 “Your master’s father and I were boys together,” he said, “and, in
truth, I was a near relation to him, and so I am to your master. But
sickness and misfortune have left me without bread to eat, or a
place to lay my head.”
But when the rich man heard this sad story, he looked at his
watch, saying:
“The hour is past that I appointed to listen to the poor. Go tell the
man he is too late; and when he is gone, shut the door, and bolt it
after him.”

If we will analyze our motive in giving, and

take from it all that issues of pride, we shall,
many a time, be astonished to find how little is
left.
 THE DAY-LABORERS.

A certain land-owner called two of his hired servants early in the

morning and sent them out to work in his field. On the way
there one of them said to himself:
“Though I do not care for my master, I care for the wages he will
pay me; therefore I will do a good day’s work, not for him, but for
myself.”
But the other man said:
“Though I take wages, my master’s profit is dearer to me than my
own; therefore the work that I do is not so much for myself as for
him.”
 So the men went out into the field to do their master’s bidding.
And while they labored there the sun rose up high above them, and
his fierce rays beat down on their heads. Yet they did not rest from
their labors, but toiled on until he passed through the heavens and
began slowly to descend again. And in the evening, after he had
sunk below the horizon, they came and stood before their master to
give account of the day.
The first one said:
“I have ploughed deep in your field and cast out the heavy stones
that were buried there.”
The second one said:
“I have gathered up the stones, and carried them to the edge of
the field, and set up a strong fence around it.”
 And as the master looked at their soiled and toil-worn garments
and their sunburned arms and hands, he knew that what they told
him was true. But when he looked in their faces, on one was the
expression of coldness and on the other was the expression of love.
Then he gave to each of them his wages, but the one who loved him
he called into his house, to be with him and wait on him continually.
 The work brings the wages, but the motive
the reward.
 THE ARTIST’S ANSWER.

A MAN who had accompanied an artist around his studio,

admiring his pictures, exclaimed,
“What an easy and privileged life is yours, calling forth and
putting into visible shape such beautiful forms from day to day! You
give delight to others, it is true, but surely the largest share must
remain for yourself.”
Said the artist,
“Name to me some object in nature that you admire.”
“This rose,” replied the other, “which you have placed as a model
on your table.”
“We will take that,” said the artist. “Now, what is its history? First,
the parent slip was laid in the ground, and at once began its struggle
for life. It put forth tender roots, doubtful of the result, but the soil
received them kindly, and it lived. Then the tiny stalk appeared
above, and at length an embryo bud. But suppose the sun had
scorched this bud or the storm destroyed it? They destroyed many
another, yet it was spared, and at last opened in full bloom as you
see it here.
“Now, if the plant that bore it could speak, what would it say?
Something like this: ‘The rose you admire did not spring up uncalled,
like a beautiful thought, but is the result of slow development. I
could not but labor to bring it forth, for such was the work appointed
me. But the throes of effort were needed, and, now that it is
perfected, my delight is not in looking at it as a brilliant flower, but
as the fruit of my labor, hoping it may fill its place among beautiful
things and accomplish that for which it was called into being.’
 “So, my friend,” continued the artist, turning to his companion, “if
you think that these pictured forms which you delight in were of
easy creation, springing up spontaneous like a passing emotion, you
have in what the flowers says my answer.”

Each beautiful work costs labor, but how

much only he knows whose hands have formed
it.
 THE HEMLOCK AND THE SUGAR-
MAPLE.

A SUGAR-MAPLE tree and a hemlock grew close together, high up

on the side of a mountain. All summer they were, alike, covered
with green, so that they could hardly be distinguished one from the
other. But as autumn approached, the maple put on gayer colors.
Branch after branch changed to orange, and crimson, and gold, until
the whole tree seemed to be robed in these gorgeous tints. Seeing
this, the hemlock said discontentedly to its neighbor:
“Why am I not beautiful like you? While your branches are
growing brighter every day, mine do not change at all, unless it be
to a duller hue. I am tired of this stale, old-fashioned green.”
But the maple made no answer.
 A little while after this there was a change in the weather. Heavy
gray clouds covered the sky. A cold rain came on, and the sun was
not seen for several days. And now the leaves of the maple began to
wither and lose their bright hues, and as the gusts of wind shook
them they fell in showers from the branches. Then the maple,
looking down upon them, said to the hemlock:
 “You envied my beauty, but where is it now? See the remains of it
lying scattered over the ground! My branches are being left bare for
the long winter’s cold, while yours are still clothed with their thick,
warm foliage.”

He whose good fortune we covet has also,

linked with it, some compensating evil which we
would not be willing to take off his hands.
 BREAD AND THE BEAUTIFUL.

A MAN who was strolling through the country for his own
enjoyment came to the top of a hill, where he stopped to admire
the view. While he was standing there a laborer with pick and shovel
on his shoulder and dinner-basket on his arm passed by. The man
spoke to him and the laborer answered civilly, but, hurrying on, was
soon out of sight.
After viewing the prospect from the hilltop, the man proceeded on
his way until he came to a waterfall on the edge of a wood. Here he
rested for a good while watching the stream break into foam and
spray as it flowed over the rocks into the deep basin below.
From here he proceeded along the lonely road, wondering what
beautiful object would next appear, when presently he saw, spread
out before him, a lake of blue water with bushes and wild flowers
growing around its edge. It was almost noon by the time he was
satisfied with gazing on this charming scene.
Then he started on his ramble again, but had not gone far when
he spied the laborer who passed him earlier in the day, digging away
with his pick and shovel in a rocky field beside the road. Leaning
against the fence, the pleasure-seeker stopped, and said:
“Rather hard work grubbing at these stones?”
“You are right,” replied the laborer, “but nothing else will bring
them out of the ground.”
“This is a pleasant country to look at,” continued the other, “but
not to make your living out of, I should think.”
“You’d say so if you tried it. I suppose you’re a stranger about
here?”
 “Yes; this is my first visit, and I’m just sauntering along feasting
on the beautiful view. You people who live in the country don’t half
appreciate its charms.”

Here the laborer, looking up at the sky and seeing the sun just
over his shoulder, dropped his shovel, and, going to a shady spot
beside a spring, where he had deposited his dinner-basket, opened
it and began to eat. His new acquaintance looked on until he had
seen slice after slice of bread and meat emerge from the clean white
napkin and disappear, when he said:
“My friend, would you mind sparing me a bit? This walk has made
me hungry.”
“Well, now,” replied the laborer, “you’ve been feasting on the view
all the morning, while I’ve been grubbing at the stones. If I give you
my dinner, then you’ll have two feasts, and I’ll have none.”

If we cultivate our taste for the beautiful, to

the neglect of earning our bread, we cannot
expect those who deny themselves this luxury,
to supply our needs when we come to want.
 THE HARPER.

A HARPER stood before the door of a house and played a number

of tunes without seeming to attract the attention of any one
within until he played a sad and plaintive air, when an upper window
opened and a hand reached out and dropped a coin into the hat that
he held beneath.
From this house he went to another, and played the same air; but
no notice was taken of him until he changed from it to a more
cheerful tune, when a piece of money was again thrown to him.
After this he was careful to note down in a little book that he
carried what sort of music pleased the inmates of the different
houses in his round; and whenever he selected a new tune, it was
always with some special hearers in view, to whom he went and
played it as soon as it was learned. In this way he was kept busy
from day to day, and by means of his harp earned a good living.
Now, although he played a variety of tunes to please many
different hearers, he had strong preferences of his own. There were
a few of his pieces that he loved better than all the rest, and at the
houses where these were played his music was at its best, because
he played it out of his heart.
So, one day, as he was trudging along with his harp on his back,
he said to himself:
“A portion of my work is a joy and delight to me, but the rest is
labor and toil. Why should I not play that music only that I love, and
to those alone who can appreciate it? In it lies not only my chief
pleasure, but my real power as well. I am resolved henceforth to
adopt this plan.”
 So he gave up all but the few tunes in which he himself delighted,
and played only at the houses where these had been enjoyed. But in
a little while he noticed that he was not welcomed at these houses
as he used to be, and the cause (though he was loath to
acknowledge it) was not hidden from him. His favorite airs, by their
sameness and constant repetition, had ceased to stir his own heart
as they once did; hence his music had lost its fervor, and with this its
power over the hearts of others. Then he said to himself:
 “The plan which necessity imposed on me was better than my
own. Its discords tended to heighten its harmonies. Experience
having taught me this, I will now return to that plan.”
So he took up all his old pieces, practising them over again, and
playing them, as he used to do, from door to door. And in thus doing
(mingling the bitter with the sweet) he soon prospered again.

In a higher state of being we shall be able to

sustain the purest joys uninterruptedly. But
here, that we may only taste of them, our joy
must alternate with sorrow—our pleasure, with
pain.
 THE UNAPPRECIATED GIFT.

A HUSBANDMAN was at work in his field, earning his living by the

sweat of his brow, when there came a man carrying a young
tree in his hand, which he planted at one side of the field, saying:
“Give this the space that it needs, let it spread and grow, and wait
patiently: in due time its fruit and shade will repay you;” having said
which, he departed.
The husbandman heard the man’s words, but went on with his
labor from day to day without much regarding them. The tree
remained where it had been planted, putting out new branches and
growing higher and stronger.
But after a time strange doubts and suspicions concerning the
tree entered the husbandman’s mind. As it took up more ground, he
looked on it grudgingly, and said to himself:
“This is not a fruit tree at all, but a thorn. If I let it stand, it will
send up its evil shoots all over my field.”
Then, taking his axe in his hand, at one stroke he severed the
stalk from the roots.
After this the seasons came and went as they ever had done. The
husbandman sowed in the spring and reaped in the harvest. And so
he continued to do from year to year, until his labors began to tell
upon his strength, and he felt stealing upon him the infirmities of an
old man. His field still yielded its crop, but was bare and sunny,
without a sheltered spot in which he could sit down and rest.
It happened one day after hours of toil that he sank exhausted,
and slept even under the burning rays of the sun. In his sleep he
dreamed that he was sitting in the shade. Over him green branches
were spread. They were loaded with fruit, which hung so near the
ground that he put forth his hand as he sat, and plucked and ate.
Birds were also singing in the branches, and a cool breeze passed
through them, fanning his brow. He said:
“Surely these have been growing, and their shadows deepening,
to cover my head and refresh me in my old age.”
 As he spoke suddenly the man who had long ago appeared to
him again stood before him, saying:
“Such would have been the tree that I planted on this spot had
you not, in unbelief and self-will, cut it down.”
The husbandman awoke from his sleep and found it was only a
dream, and that he was still lying alone and unsheltered under the
burning rays of the sun.

Not recognizing the Sender, we refuse the

gift, to bewail our folly when it is too late.
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