Principles of Microeconomics 9th Edition By Gregory Mankiw ISBN 035713348X 9798214351063

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ISBN 10: 035713348X
ISBN 13: 9798214351063
Author: Gregory Mankiw

Now you can master the principles of microeconomics with the help of the most popular economics textbook trusted by students worldwide — Mankiw’s PRINCIPLES OF MICROECONOMICS, 9E. Using a clear, inviting writing style, this book emphasizes only the material that helps you better understand the world and economy in which you live. You learn to become a more astute participant in today’s economy with a strong understanding of both the potential and limits of economic policy. The latest relevant examples bring microeconomic principles to life. Acclaimed author Gregory Mankiw explains, “I 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.”

Principles of Microeconomics 9th Table of contents:

Chapter 1. Ten Principles of Economics

1-1. How People Make Decisions

1-1a. Principle 1: People Face Trade-Offs

1-1b. Principle 2: The Cost of Something Is What You Give Up to Get It

1-1c. Principle 3: Rational People Think at the Margin

1-1d. Principle 4: People Respond to Incentives

1-2. How People Interact

1-2a. Principle 5: Trade Can Make Everyone Better Off

1-2b. Principle 6: Markets Are Usually a Good Way to Organize Economic Activity

1-2c. Principle 7: Governments Can Sometimes Improve Market Outcomes

1-3. How the Economy as a Whole Works

1-3a. Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services

1-3b. Principle 9: Prices Rise When the Government Prints Too Much Money

1-3c. Principle 10: Society Faces a Short-Run Trade-Off between Inflation and Unemployment

1-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 2. Thinking Like an Economist

2-1. The Economist as Scientist

2-1a. The Scientific Method: Observation, Theory, and More Observation

2-1b. The Role of Assumptions

2-1c. Economic Models

2-1d. Our First Model: The Circular-Flow Diagram

2-1e. Our Second Model: The Production Possibilities Frontier

2-1f. Microeconomics and Macroeconomics

2-2. The Economist as Policy Adviser

2-2a. Positive versus Normative Analysis

2-2b. Economists in Washington

2-2c. Why Economists’ Advice Is Not Always Followed

In The News: Why Tech Companies Hire Economists

2-3. Why Economists Disagree

2-3a. Differences in Scientific Judgments

2-3b. Differences in Values

2-3c. Perception versus Reality

2-4. Let’s Get Going

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Appendix. Graphing: A Brief Review

Chapter 3. Interdependence and the Gains from Trade

3-1. A Parable for the Modern Economy

3-1a. Production Possibilities

3-1b. Specialization and Trade

3-2. Comparative Advantage: The Driving Force of Specialization

3-2a. Absolute Advantage

3-2b. Opportunity Cost and Comparative Advantage

3-2c. Comparative Advantage and Trade

3-2d. The Price of the Trade

3-3. Applications of Comparative Advantage

3-3a. Should LeBron James Mow His Own Lawn?

3-3b. Should the United States Trade with Other Countries?

In The News: Economics within a Marriage

3-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

2. How Markets Work

Chapter 4. The Market Forces of Supply and Demand

4-1. Markets and Competition

4-1a. What Is a Market?

4-1b. What Is Competition?

4-2. Demand

4-2a. The Demand Curve: The Relationship between Price and Quantity Demanded

4-2b. Market Demand versus Individual Demand

4-2c. Shifts in the Demand Curve

4-3. Supply

4-3a. The Supply Curve: The Relationship between Price and Quantity Supplied

4-3b. Market Supply versus Individual Supply

4-3c. Shifts in the Supply Curve

4-4. Supply and Demand Together

4-4a. Equilibrium

4-4b. Three Steps to Analyzing Changes in Equilibrium

In The News: Price Increases after Disasters

4-5. Conclusion: How Prices Allocate Resources

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 5. Elasticity and Its Application

5-1. The Elasticity of Demand

5-1a. The Price Elasticity of Demand and Its Determinants

5-1b. Computing the Price Elasticity of Demand

5-1c. The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities

5-1d. The Variety of Demand Curves

5-1e. Total Revenue and the Price Elasticity of Demand

5-1f. Elasticity and Total Revenue along a Linear Demand Curve

5-1g. Other Demand Elasticities

5-2. The Elasticity of Supply

5-2a. The Price Elasticity of Supply and Its Determinants

5-2b. Computing the Price Elasticity of Supply

5-2c. The Variety of Supply Curves

5-3. Three Applications of Supply, Demand, and Elasticity

5-3a. Can Good News for Farming Be Bad News for Farmers?

5-3b. Why Did OPEC Fail to Keep the Price of Oil High?

5-3c. Does Drug Interdiction Increase or Decrease Drug-Related Crime?

5-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 6. Supply, Demand, and Government Policies

6-1. Controls on Prices

6-1a. How Price Ceilings Affect Market Outcomes

6-1b. How Price Floors Affect Market Outcomes

6-1c. Evaluating Price Controls

6-2. Taxes

6-2a. How Taxes on Sellers Affect Market Outcomes

6-2b. How Taxes on Buyers Affect Market Outcomes

6-2c. Elasticity and Tax Incidence

In The News: Should the Minimum Wage Be $ 15 an Hour?

6-3. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

3. Markets and Welfare

Chapter 7. Consumers, Producers, and the Efficiency of Markets

7-1. Consumer Surplus

7-1a. Willingness to Pay

7-1b. Using the Demand Curve to Measure Consumer Surplus

7-1c. How a Lower Price Raises Consumer Surplus

7-1d. What Does Consumer Surplus Measure?

7-2. Producer Surplus

7-2a. Cost and the Willingness to Sell

7-2b. Using the Supply Curve to Measure Producer Surplus

7-2c. How a Higher Price Raises Producer Surplus

7-3. Market Efficiency

7-3a. The Benevolent Social Planner

7-3b. Evaluating the Market Equilibrium

In The News: How Ticket Resellers Help Allocate Scarce Resources

7-4. Conclusion: Market Efficiency and Market Failure

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 8. Application: The Costs of Taxation

8-1. The Deadweight Loss of Taxation

8-1a. How a Tax Affects Market Participants

8-1b. Deadweight Losses and the Gains from Trade

8-2. The Determinants of the Deadweight Loss

The Deadweight Loss Debate Case Study:

8-3. Deadweight Loss and Tax Revenue as Taxes Vary

The Laffer Curve and Supply-Side Economics Case Study:

8-4. Conclusion

Chapter in a Nutshell

Key Concept

Questions for Review

Problems and Applications

Chapter 9. Application: International Trade

9-1. The Determinants of Trade

9-1a. The Equilibrium without Trade

9-1b. The World Price and Comparative Advantage

9-2. The Winners and Losers from Trade

9-2a. The Gains and Losses of an Exporting Country

9-2b. The Gains and Losses of an Importing Country

9-2c. The Effects of a Tariff

9-2d. The Lessons for Trade Policy

9-2e. Other Benefits of International Trade

In The News: Trade as a Tool for Economic Development

9-3. The Arguments for Restricting Trade

9-3a. The Jobs Argument

9-3b. The National-Security Argument

9-3c. The Infant-Industry Argument

9-3d. The Unfair-Competition Argument

9-3e. The Protection-as-a-Bargaining-Chip Argument

In The News: The Trade Policies of President Trump

9-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

4. The Economics of the Public Sector

Chapter 10. Externalities

10-1. Externalities and Market Inefficiency

10-1a. Welfare Economics: A Recap

10-1b. Negative Externalities

10-1c. Positive Externalities

10-2. Public Policies toward Externalities

10-2a. Command-and-Control Policies: Regulation

10-2b. Market-Based Policy 1: Corrective Taxes and Subsidies

10-2c. Market-Based Policy 2: Tradable Pollution Permits

10-2d. Objections to the Economic Analysis of Pollution

In The News: What Should We Do about Climate Change?

10-3. Private Solutions to Externalities

10-3a. The Types of Private Solutions

10-3b. The Coase Theorem

10-3c. Why Private Solutions Do Not Always Work

In The News: The Coase Theorem in Action

10-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 11. Public Goods and Common Resources

11-1. The Different Kinds of Goods

11-2. Public Goods

11-2a. The Free-Rider Problem

11-2b. Some Important Public Goods

11-2c. The Difficult Job of Cost–Benefit Analysis

11-3. Common Resources

11-3a. The Tragedy of the Commons

11-3b. Some Important Common Resources

In The News: Social Media as a Common Resource

11-4. Conclusion: The Importance of Property Rights

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 12. The Design of the Tax System

12-1. An Overview of U.S. Taxation

12-1a. Taxes Collected by the Federal Government

12-1b. Taxes Collected by State and Local Governments

12-2. Taxes and Efficiency

12-2a. Deadweight Losses

12-2b. Administrative Burden

12-2c. Marginal Tax Rates versus Average Tax Rates

12-2d. Lump-Sum Taxes

12-3. Taxes and Equity

12-3a. The Benefits Principle

12-3b. The Ability-to-Pay Principle

12-3c. Tax Incidence and Tax Equity

12-4. Conclusion: The Trade-Off between Equity and Efficiency

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

5. Firm Behavior and the Organization of Industry

Chapter 13. The Costs of Production

13-1. What Are Costs?

13-1a. Total Revenue, Total Cost, and Profit

13-1b. Costs as Opportunity Costs

13-1c. The Cost of Capital as an Opportunity Cost

13-1d. Economic Profit versus Accounting Profit

13-2. Production and Costs

13-2a. The Production Function

13-2b. From the Production Function to the Total-Cost Curve

13-3. The Various Measures of Cost

13-3a. Fixed and Variable Costs

13-3b. Average and Marginal Cost

13-3c. Cost Curves and Their Shapes

13-3d. Typical Cost Curves

13-4. Costs in the Short Run and in the Long Run

13-4a. The Relationship between Short-Run and Long-Run Average Total Cost

13-4b. Economies and Diseconomies of Scale

13-5. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 14. Firms in Competitive Markets

14-1. What Is a Competitive Market?

14-1a. The Meaning of Competition

14-1b. The Revenue of a Competitive Firm

14-2. Profit Maximization and the Competitive Firm’s Supply Curve

14-2a. A Simple Example of Profit Maximization

14-2b. The Marginal-Cost Curve and the Firm’s Supply Decision

14-2c. The Firm’s Short-Run Decision to Shut Down

14-2d. Spilt Milk and Other Sunk Costs

14-2e. The Firm’s Long-Run Decision to Exit or Enter a Market

14-2f. Measuring Profit in Our Graph for the Competitive Firm

14-2g. A Brief Recap

14-3. The Supply Curve in a Competitive Market

14-3a. The Short Run: Market Supply with a Fixed Number of Firms

14-3b. The Long Run: Market Supply with Entry and Exit

14-3c. Why Do Competitive Firms Stay in Business If They Make Zero Profit?

14-3d. A Shift in Demand in the Short Run and Long Run

14-3e. Why the Long-Run Supply Curve Might Slope Upward

14-4. Conclusion: Behind the Supply Curve

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 15. Monopoly

15-1. Why Monopolies Arise

15-1a. Monopoly Resources

15-1b. Government-Created Monopolies

15-1c. Natural Monopolies

15-2. How Monopolies Make Production and Pricing Decisions

15-2a. Monopoly versus Competition

15-2b. A Monopoly’s Revenue

15-2c. Profit Maximization

15-2d. A Monopoly’s Profit

15-3. The Welfare Cost of Monopolies

15-3a. The Deadweight Loss

15-3b. The Monopoly’s Profit: A Social Cost?

15-4. Price Discrimination

15-4a. A Parable about Pricing

15-4b. The Moral of the Story

15-4c. The Analytics of Price Discrimination

15-4d. Examples of Price Discrimination

In The News: Price Discrimination Reaches the Supreme Court

15-5. Public Policy toward Monopolies

15-5a. Increasing Competition with Antitrust Laws

15-5b. Regulation

15-5c. Public Ownership

15-5d. Doing Nothing

15-6. Conclusion: The Prevalence of Monopolies

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 16. Monopolistic Competition

16-1. Between Monopoly and Perfect Competition

16-2. Competition with Differentiated Products

16-2a. The Monopolistically Competitive Firm in the Short Run

16-2b. The Long-Run Equilibrium

16-2c. Monopolistic versus Perfect Competition

16-2d. Monopolistic Competition and the Welfare of Society

16-3. Advertising

16-3a. The Debate over Advertising

16-3b. Advertising as a Signal of Quality

16-3c. Brand Names

16-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 17. Oligopoly

17-1. Markets with Only a Few Sellers

17-1a. A Duopoly Example

17-1b. Competition, Monopolies, and Cartels

17-1c. The Equilibrium for an Oligopoly

17-1d. How the Size of an Oligopoly Affects the Market Outcome

17-2. The Economics of Cooperation

17-2a. The Prisoners’ Dilemma

17-2b. Oligopolies as a Prisoners’ Dilemma

17-2c. Other Examples of the Prisoners’ Dilemma

17-2d. The Prisoners’ Dilemma and the Welfare of Society

17-2e. Why People Sometimes Cooperate

17-3. Public Policy toward Oligopolies

17-3a. Restraint of Trade and the Antitrust Laws

17-3b. Controversies over Antitrust Policy

In The News: Is Amazon the Next Antitrust Target?

17-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

6. The Economics of Labor Markets

Chapter 18. The Markets for the Factors of Production

18-1. The Demand for Labor

18-1a. The Competitive Profit-Maximizing Firm

18-1b. The Production Function and the Marginal Product of Labor

18-1c. The Value of the Marginal Product and the Demand for Labor

18-1d. What Causes the Labor-Demand Curve to Shift?

18-2. The Supply of Labor

18-2a. The Trade-Off between Work and Leisure

18-2b. What Causes the Labor-Supply Curve to Shift?

18-3. Equilibrium in the Labor Market

18-3a. Shifts in Labor Supply

18-3b. Shifts in Labor Demand

18-4. The Other Factors of Production: Land and Capital

18-4a. Equilibrium in the Markets for Land and Capital

18-4b. Linkages among the Factors of Production

In The News: The Winners and Losers from Immigration

18-5. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 19. Earnings and Discrimination

19-1. Some Determinants of Equilibrium Wages

19-1a. Compensating Differentials

19-1b. Human Capital

19-1c. Ability, Effort, and Chance

19-1d. An Alternative View of Education: Signaling

19-1e. The Superstar Phenomenon

19-1f. Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages

In The News: Schooling as a Public Investment

19-2. The Economics of Discrimination

19-2a. Measuring Labor-Market Discrimination

19-2b. Discrimination by Employers

19-2c. Discrimination by Customers and Governments

19-2d. Statistical Discrimination

19-3. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 20. Income Inequality and Poverty

20-1. Measuring Inequality

20-1a. U.S. Income Inequality

20-1b. Inequality Around the World

20-1c. The Poverty Rate

20-1d. Problems in Measuring Inequality

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