Test Bank for Microeconomics Principles and Applications 6th Edition by Robert Hall, Marc Lieberman ISBN 1111822565 978-1285119434

Test Bank for Microeconomics Principles and Applications 6th Edition by Robert Hall, Marc Lieberman – Ebook PDF Instant Download/Delivery: 1111822565 , 978-1285119434
Full download Microeconomics Principles and Applications 6th edition after payment

Product details:

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

People also search for Microeconomics Principles and Applications 6th:

microeconomics principles and applications 6th edition

microeconomics principles and applications 5th ed

microeconomics principles applications and tools 8e

microeconomics for managers principles and applications

principles and applications of microeconomics rutgers

Tags: Robert Hall, Marc Lieberman, Microeconomics Principles