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ISBN 10: 1111822565
ISBN 13: 978-1285119434
Author: Robert Hall, Marc Lieberman
Discover how today’s microeconomic policy issues, decisions, and applications impact you every day with the practical, accessible presentation in MICROECONOMICS. Written by acclaimed economists Hall and Lieberman, this straightforward contemporary text offers a presentation as current as the latest headlines. Fresh new cutting-edge examples throughout this edition as well as updated mini-cases clearly illustrate core microeconomic theory and applications in action. This edition’s streamlined chapters focus on today’s most important microeconomic theories and events. The latest thinking from leading economists helps equip readers with a solid foundation in microeconomics necessary for success, no matter what the career.
Microeconomics Principles and Applications 6th Table of contents:
Part I. Preliminaries
Chapter 1. What Is Economics?
Scarcity and Individual Choice
The Concept of Opportunity Cost
Scarcity and Social Choice
The Four Resources
Opportunity Cost and Society’s Trade-offs
The World of Economics
Microeconomics and Macroeconomics
Positive and Normative Economics
Why Study Economics?
To Understand the World Better
The Methods of Economics
The Art of Building Economic Models
Assumptions and Conclusions
Math, Jargon, and Other Concerns
How to Study Economics
Summary
Problem Set
Appendix. Graphs and Other Useful Tools
Chapter 2. Scarcity, Choice, and Economic Systems
Society’s Production Choices
The Production Possibilities Frontier
Increasing Opportunity Cost
The Search for a Free Lunch
Productive Inefficiency
Recessions
Economic Growth
Economic Systems
Specialization and Exchange
Comparative Advantage
International Comparative Advantage
Resource Allocation
Understanding the Market
The Importance of Prices
Markets, Ownership, and the Invisible Hand
The U.S. Market System in Perspective
Summary
Problem Set
Part II. Markets and Prices
Chapter 3. Supply and Demand
Markets
Characterizing a Market
Demand
The Law of Demand
The Demand Schedule and the Demand Curve
Shifts versus Movements Along the Demand Curve
Factors That Shift the Demand Curve
Demand: A Summary
Supply
The Law of Supply
The Supply Schedule and the Supply Curve
Shifts versus Movements Along the Supply Curve
Factors That Shift the Supply Curve
Supply—A Summary
Putting Supply and Demand Together
Finding the Equilibrium Price and Quantity
What Happens When Things Change?
Example: Income Rises, Causing an Increase in Demand
Example: Bad Weather, Supply Decreases
Example: Higher Income and Bad Weather Together
The Three-Step Process
Summary
Problem Set
Appendix. Solving for Equilibrium Algebraically
Chapter 4. Working with Supply and Demand
Government Intervention in Markets
Fighting the Market: Price Ceilings
Fighting the Market: Price Floors
Manipulating the Market: Taxes
Manipulating the Market: Subsidies
Supply and Demand In Housing Markets
What’s Different about Housing Markets
The Supply Curve for Housing
The Demand Curve for Housing
Housing Market Equilibrium
What Happens When Things Change
Summary
Problem Set
Appendix. Understanding Leverage
Chapter 5. Elasticity
Price Elasticity of Demand
Calculating Price Elasticity of Demand
Categorizing Demand
Elasticity and Straight-Line Demand Curves
Elasticity and Total Revenue
Determinants of Elasticity
An Example: Elasticity and Mass Transit
Price Elasticity of Supply
Determinants of Supply Elasticity
Calculating a Supply Elasticity
Other Elasticities
Income Elasticity of Demand
Cross-Price Elasticity of Demand
Summary
Problem Set
Part II. Microeconomic Decision Makers
Chapter 6. Consumer Choice
The Budget Constraint
Changes in the Budget Line
Preferences
Rationality
More is Better
Consumer Decisions: The Marginal Utility Approach
Utility and Marginal Utility
Combining the Budget Constraint and Preferences
What Happens When Things Change?
The Consumer’s Demand Curve
Income and Substitution Effects
The Substitution Effect
The Income Effect
Combining Substitution and Income Effects
Consumers in Markets
Consumer Theory in Perspective
Extensions of the Model
Behavioral Economics
Summary
Problem Set
Appendix. The Indifference Curve Approach
Chapter 7. Production and Cost
Production
Technology and Production
Short-run Versus Long-run Decisions
Production in the Short Run
Marginal Returns to Labor
Thinking about Costs
The Irrelevance of Sunk Costs
Explicit Versus Implicit Costs
The Least-cost Rule
Cost in the Short Run
Measuring Short-run Costs
Explaining the Shape of the Marginal Cost Curve
The Relationship between Average and Marginal Costs
Production and Cost in the Long Run
The Relationship between Long-run and Short-run Costs
Explaining the Shape of the LRATC Curve
Cost: A Summary
Summary
Problem Set
Appendix. Isoquant Analysis: Finding the Least-cost Input Mix
Chapter 8. How Firms Make Decisions: Profit Maximization
The Goal of Profit Maximization
Understanding Profit
Two Definitions of Profit
Why are There Profits?
The Firm’s Constraints
The Demand Curve Facing the Firm
The Cost Constraint
The Profit-Maximizing Output Level
The Total Revenue and Total Cost Approach
The Marginal Revenue and Marginal Cost Approach
Profit Maximization Using Graphs
What about Average Costs?
The Marginal Approach to Profit
Dealing with Losses
The Short Run and the Shutdown Rule
The Long Run and the Exit Decision
Summary
Problem Set
Part IV. Product Markets
Chapter 9. Perfect Competition
What is Perfect Competition?
The Four Requirements of Perfect Competition
Is Perfect Competition Realistic?
The Perfectly Competitive Firm
The Competitive Firm’s Demand Curve
Cost and Revenue Data for a Competitive Firm
Finding the Profit-Maximizing Output Level
Measuring Total Profit
The Firm’s Short-Run Supply Curve
Competitive Markets in the Short Run
The Market Supply Curve
Short-Run Equilibrium
Competitive Markets in the Long Run
Profit and Loss and the Long Run
Long-Run Equilibrium
The Notion of Zero Profit in Perfect Competition
Perfect Competition and Plant Size
A Summary of the Competitive Firm in the Long Run
What Happens When Things Change?
A Change in Demand
Market Signals and the Economy
A Change in Technology
Summary
Problem Set
Chapter 10. Monopoly
What Is a Monopoly?
How Monopolies Arise
Economies of Scale
Legal Barriers
Network Externalities
Monopoly Behavior
Single Price versus Price Discrimination
Monopoly Price or Output Decision
Monopoly and Market Power
Profit and Loss
Equilibrium in Monopoly Markets
Short-Run Equilibrium
Long-Run Equilibrium
Comparing Monopoly to Perfect Competition
Government and Monopoly Profit
What Happens When Things Change?
A Change in Demand
A Cost-Saving Technological Advance
Price Discrimination
Requirements for Price Discrimination
Effects of Price Discrimination
Perfect Price Discrimination
How Firms Choose Multiple Prices
Price Discrimination in Everyday Life
Summary
Problem Set
Chapter 11. Monopolistic Competition and Oligopoly
The Concept of Imperfect Competition
Monopolistic Competition
Differentiated Products
Monopolistic Competition in the Short Run
Monopolistic Competition in the Long Run
Excess Capacity Under Monopolistic Competition
Nonprice Competition
Oligopoly
Measuring Market Concentration
How Oligopolies Arise
Oligopoly versus Other Market Structures
The Game Theory Approach
Simple Oligopoly Games
Cooperative Behavior in Oligopoly
The Four Market Structures: A Postscript
Summary
Problem Set
Appendix. Cartel Pricing
Part V. Labor, Capital, and Financial Markets
Chapter 12. Labor Markets
Labor Markets in Perspective
Defining a Labor Market
The Wage Rate
Competitive Labor Markets
Labor Demand
The Labor Demand Curve
Shifts in the Labor Demand Curve
Labor Supply
Variable Hours versus Fixed Hours
The Labor Supply Curve
Shifts in the Labor Supply Curve
Labor Market Equilibrium
What Happens When Things Change
Why Do Wages Differ?
An Imaginary World
Compensating Differentials
Differences in Ability
Barriers to Entry
Discrimination
The Minimum Wage Controversy
Who Pays for a Higher Minimum Wage?
Who Benefits from a Higher Minimum Wage?
Labor Market Effects of the Minimum Wage
The EITC Alternative
Opposing Views
Summary
Problem Set
Appendix. The Profit-Maximizing Employment Level
Chapter 13. Capital and Financial Markets
Physical Capital and the Firm’s Investment Decision
A First, Simple Approach: Renting Capital
The Value of Future Dollars
Purchasing Capital
What Happens When Things Change: The Investment Curve
Markets For Financial Assets
Primary and Secondary Asset Markets
Financial Assets and Present Value
Bonds
How Much Is a Bond Worth?
Why Do Bond Yields Differ?
The Stock Market
Why Do People Hold Stock?
Valuing a Share of Stock
Explaining Stock Prices
What Happens When Things Change?
The Efficient Markets View
The Meaning of an Efficient Stock Market
Common Objections to Efficient Markets Theory
Efficient Markets Theory and the Average Investor
Summary
Problem Set
Part VI. Efficiency, Government, and International Trade
Chapter 14. Economic Efficiency and the Competitive Ideal
The Meaning of Economic Efficiency
Pareto Improvements
Side Payments and Pareto Improvements
Productive Efficiency versus Economic Efficiency
Competitive Markets and Economic Efficiency
Reinterpreting the Demand Curve
Reinterpreting the Supply Curve
The Efficient Quantity of a Good
The Efficient Allocation of a Good
Evaluating the Efficiency of Perfect Competition
Measuring Market Gains
Consumer Surplus
Producer Surplus
Total Benefits and Efficiency
Perfect Competition: The Total Benefits View
Inefficiency and Deadweight Loss
A Price Ceiling
A Price Floor
Market Power
Taxes and Deadweight Losses
Summary
Problem Set
Chapter 15. Government’s Role in Economic Efficiency
The Legal and Regulatory Infrastructure
The Legal System
Regulation
The Importance of Infrastructure
Market Failures
Monopoly
Limiting Market Power
Coping with Market Power
Regulation of Natural Monopoly
Externalities
The Private Solution
Government and Negative Externalities
Positive Externalities
Public Goods
Private Goods
Pure Public Goods
Mixed Goods
Asymmetric Information
Adverse Selection
Moral Hazard
The Principal–Agent Problem
Market and Government Solutions
An Example: The Market for Health Insurance
Efficiency and Government in Perspective
Opposition to Government Intervention
Efficiency versus Equity
Summary
Problem Set
Chapter 16. Comparative Advantage and the Gains from International Trade
The Logic of Free Trade
International Comparative Advantage
Determining a Nation’s Comparative Advantage
How Specialization Increases World Production
How Each Nation Gains from International Trade
The Terms of Trade
Some Provisos about Specialization
The Sources of Comparative Advantage
Resource Abundance and Comparative Advantage
Beyond Resources
Why Some People Object to Free Trade
The Anti-Trade Bias
Pro-Trade Forces
How Free Trade Is Restricted
Tariffs
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