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Table Of Contents

PART IIntroduction
Chapter 1Thinking Like an Economist3
Three Important Decision Pitfalls8
Core Principles20
Key Terms20
Review Questions20
Problems20
Answers to In-Chapter Exercises22
Chapter 2Comparative Advantage35
Summary56
Core Principles56
Key Terms56
Review Questions57
Problems57
Answers to In-Chapter Exercises58
Chapter 3Supply and Demand61
Market Equilibrium68
Predicting and Explaining Changes in Prices and Quantities74
Efficiency and Equilibrium84
Summary87
Core Principles88
Key Terms89
Review Questions89
Answers to In-Chapter Exercises90
PART 2Competition and the Invisible Hand
Review Questions119
Answers to In-Chapter Exercises121
Review Questions145
Answers to In-Chapter Exercises147
Chapter 6Perfectly Competitive Supply150
Review Questions170
Answers to In-Chapter Exercises173
Chapter 7Efficiency and Exchange175
Chapter 8The Invisible Hand in Action203
PART 3Market Imperfections
Chapter 10Games and Strategic Behavior269
Chapter 11Externalities and Property Rights297
Chapter 12The Economics of Information325
PART 4Economics of Public Policy
Chapter 15Public Goods and Tax Policy397
ECONOMICS:STUDYING CHOICE IN A WORLD OF SCARCITY
APPLYING THE COST-BENEFIT PRINCIPLE
ECONOMICS:MICRO AND MACRO
THE APPROACH OF THIS TEXT
ECONOMIC NATURALISM
ANSWERS TO IN-CHAPTER EXERCISES ■
EXCHANGE AND OPPORTUNITY COST
COMPARATIVE ADVANTAGE AND PRODUCTION POSSIBILITIES
WHAT,HOW,AND FOR WHOM? CENTRAL PLANNING VERSUS THE MARKET
BUYERS AND SELLERS IN MARKETS
EFFICIENCY AND EQUILIBRIUM
PRICE ELASTICITY OF DEMAND
price elasticity of demand
INCOME ELASTICITY AND CROSS-PRICE ELASTICITY OF DEMAND
THE PRICE ELASTICITY OF SUPPLY
THE LAW OF DEMAND
TRANSLATING WANTS INTO DEMAND
INDIVIDUAL AND MARKET DEMAND CURVES
THINKING ABOUT SUPPLY:THE IMPORTANCE OF OPPORTUNITY COST
INDIVIDUAL AND MARKET SUPPLY CURVES
PROFIT-MAXIMIZING FIRMS IN PERFECTLY COMPETITIVE MARKETS
DETERMINANTS OF SUPPLY REVISITED
APPLYING THE THEORY OF SUPPLY
SUPPLY AND PRODUCER SURPLUS
MARKET EQUILIBRIUM AND EFFICIENCY
TAXES AND EFFICIENCY
THE CENTRAL ROLE OF ECONOMIC PROFIT
THE INVISIBLE HAND IN ACTION
THE DISTINCTION BETWEEN AN EQUILIBRIUM AND A SOCIAL OPTIMUM
IMPERFECT COMPETITION
FIVE SOURCES OF MARKET POWER
PROFIT MAXIMIZATION FOR THE MONOPOLIST
WHY THE INVISIBLE HAND BREAKS DOWN UNDER MONOPOLY
USING DISCOUNTS TO EXPAND THE MARKET
PUBLIC POLICY TOWARD NATURAL MONOPOLY
USING GAME THEORY TO ANALYZE STRATEGIC DECISIONS
THE PRISONER’S DILEMMA
THE ECONOMICS OF CARTELS
GAMES IN WHICH TIMING MATTERS
COMMITMENT PROBLEMS
THE STRATEGIC ROLE OF PREFERENCES
ARE PEOPLE FUNDAMENTALLY SELFISH?
EXTERNAL COSTS AND BENEFITS
COMPENSATORY TAXES AND SUBSIDIES
POSITIONAL EXTERNALITIES
HOW THE MIDDLEMAN ADDS VALUE
THE OPTIMAL AMOUNT OF INFORMATION
STATISTICAL DISCRIMINATION
THE ECONOMIC VALUE OF WORK
THE EQUILIBRIUM WAGE AND EMPLOYMENT LEVELS
RECENT TRENDS IN INEQUALITY
IS INCOME INEQUALITY A MORAL PROBLEM?
METHODS OF INCOME REDISTRIBUTION
PUBLIC EMPLOYMENT FOR THE POOR
THE ECONOMICS OF HEALTH CARE DELIVERY
USING PRICE INCENTIVES IN ENVIRONMENTAL REGULATION
WORKPLACE SAFETY REGULATION
PUBLIC HEALTH AND SECURITY
GOVERNMENT PROVISION OF PUBLIC GOODS
THE OPTIMAL QUANTITY OF A PUBLIC GOOD
ADDITIONAL FUNCTIONS OF GOVERNMENT
LOCAL,STATE,OR FEDERAL?
SOURCES OF INEFFICIENCY IN THE POLITICAL PROCESS
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Principles of Microeconomics Textbook

Principles of Microeconomics Textbook

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Published by Alex Lee Ming Jie

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Published by: Alex Lee Ming Jie on Apr 02, 2012
Copyright:Attribution Non-commercial

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