Microeconomics 4th Edition by Paul Krugman, Robin Wells, Iris Au, Jack Parkinson 1319332839 9781319332839

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ISBN 10: 1319332839 

ISBN 13: 9781319332839

Author:  Paul Krugman, Robin Wells, Iris Au, Jack Parkinson 

When it comes to explaining fundamental economic principles by drawing on current economic issues and events, there is no one more effective than Nobel laureate and New York Times columnist Paul Krugman and co-authors, Robin Wells, Iris Au, and Jack Parkinson. In this best-selling introductory textbook, the authors’ signature storytelling style and uncanny eye for revealing examples help readers understand how economic concepts play out in our world. Canadian co-authors Jack Parkinson and Iris Au have enhanced the text with current Canadian examples.

Microeconomics 4th Table of contents:

Chapter 1: First Principles
Common Ground
1.1 Principles That Underlie Individual Choice: The Core of Economics
Principle #1: Choices Are Necessary Because Resources Are Scarce
Principle #2: The True Cost of Something Is Its Opportunity Cost
Principle #3: “How Much” Is a Decision at the Margin
Principle #4: People Respond to Incentives, Exploiting Opportunities to Make Themselves Better Off
Economics in Action: The Cost of Marriage: China’s One-Child Policy Creates Millions of Lonely Bachelors
1.2 Interaction: How Economies Work
Principle #5: There Are Gains from Trade
Principle #6: Markets Move Toward Equilibrium
Principle #7: Resources Should Be Used Efficiently to Achieve Society’s Goals
Principle #8: Markets Usually Lead to Efficiency, But When They Don’t, Government Intervention Can Improve Society’s Welfare
Economics in Action: The Cost of Marriage: Wait, Then Hurry Up, and Wait Again
1.3 Economy-Wide Interactions
Principle #9: One Person’s Spending Is Another Person’s Income
Principle #10: Overall Spending Sometimes Gets Out of Line with the Economy’s Productive Capacity; When It Does, Government Policy Can Change Spending
Principle #11: Increases in the Economy’s Potential Lead to Economic Growth Over Time
Business Case: How Priceline Revolutionized the Travel Industry
Chapter 1 End of Chapter
Chapter 1 Summary
Chapter 1 Key Terms
Chapter 1 Problems
Chapter 2: Economic Models: Trade-offs and Trade
From Kitty Hawk to C-Series (Now A220)
2.1 Models in Economics: Some Important Examples
Trade-offs: The Production Possibility Frontier
Comparative Advantage and Gains from Trade
2.2 Comparative Advantage and International Trade, in Reality
2.3 Transactions: The Circular-Flow Diagram
Economics in Action: Rich Nation, Poor Nation
2.4 Using Models
Positive versus Normative Economics
2.5 When and Why Economists Disagree
Economics in Action: When Economists Agree
Business Case: Efficiency, Opportunity Cost, and the Logic of Lean Production
Chapter 2 End of Chapter
Chapter 2 Summary
Chapter 2 Key Terms
Chapter 2 Practice Questions
Chapter 2 Problems
Chapter 2 Appendix: Graphs in Economics
Getting the Picture
Graphs, Variables, and Economic Models
How Graphs Work
Two-Variable Graphs
Curves on a Graph
A Key Concept: The Slope of a Curve
The Slope of a Linear Curve
Horizontal and Vertical Curves and Their Slopes
The Slope of a Nonlinear Curve
Calculating the Slope Along a Nonlinear Curve
Maximum and Minimum Points
Calculating the Area Below or Above a Curve
Graphs That Depict Numerical Information
Types of Numerical Graphs
Challenges with Interpreting Numerical Graphs
Chapter 3: Supply and Demand
A Natural Gas Boom and Bust
3.1 Supply and Demand: A Model of a Competitive Market
3.2 The Demand Curve
The Demand Schedule and the Demand Curve
Shifts of the Demand Curve
Understanding Shifts of the Demand Curve
Economics in Action: Beating the Traffic
3.3 The Supply Curve
The Supply Schedule and the Supply Curve
Shifts of the Supply Curve
Understanding Shifts of the Supply Curve
Economics in Action: The Plunging Cost of Solar Panels
3.4 Supply, Demand, and Equilibrium
Finding the Equilibrium Price and Quantity
Using Equilibrium to Describe Markets
Economics in Action: The Price of Admission
3.5 Changes in Supply and Demand
What Happens When the Demand Curve Shifts
What Happens When the Supply Curve Shifts
Simultaneous Shifts of Supply and Demand Curves
Economics in Action: Holy Guacamole!
3.6 Competitive Markets — and Others
Business Case: Uber Gives Riders a Lesson in Supply and Demand
Chapter 3 End of Chapter
Chapter 3 Summary
Chapter 3 Key Terms
Chapter 3 Practice Questions
Chapter 3 Problems
Chapter 3 Appendix: The Algebra of Demand, Supply, and Equilibrium
The Demand Curve
The Supply Curve
Market Equilibrium
Chapter 4: Consumer and Producer Surplus
Mastering Textbook Economics
4.1 Consumer Surplus and the Demand Curve
Willingness to Pay and the Demand Curve
Willingness to Pay and Consumer Surplus
How Changing Prices Affect Consumer Surplus
Economics in Action: Is Facebook Really Free?
4.2 Producer Surplus and the Supply Curve
Cost and Producer Surplus
How Changing Prices Affect Producer Surplus
Economics in Action: High Times Down on the Farm
4.3 Consumer Surplus, Producer Surplus, and the Gains from Trade
The Gains from Trade
The Efficiency of Markets
Equity and Efficiency
Economics in Action: Take the Keys, Please
4.4 A Market Economy
Why Markets Typically Work So Well
A Few Words of Caution
Economics in Action: A Great Leap — Backward
Business Case: Ticket Prices and Music’s Reigning Couple, Beyoncé and Jay-Z
Chapter 4 End of Chapter
Chapter 4 Summary
Chapter 4 Key Terms
Chapter 4 Practice Questions
Chapter 4 Problems
Chapter 5: Price Controls and Quotas: Meddling with Markets
Big City, Not So Bright Ideas
5.1 Why Governments Control Prices
5.2 Price Ceilings
Modelling a Price Ceiling
How a Price Ceiling Causes Inefficiency
Winners, Losers, and Rent Control
So Why Are There Price Ceilings?
Economics in Action: How Price Controls in Venezuela Proved Disastrous
5.3 Price Floors
How a Price Floor Causes Inefficiency
So Why Are There Price Floors?
Economics in Action: The Rise and Fall of the Unpaid Intern
5.4 Controlling Quantities
The Anatomy of Quantity Controls
The Costs of Quantity Controls
Economics in Action: The Lobsters of Atlantic Canada
Business Case: A Market Disruptor Gets Disrupted by the Market
Chapter 5 End of Chapter
Chapter 5 Summary
Chapter 5 Key Terms
Chapter 5 Practice Questions
Chapter 5 Problems
Chapter 6: Elasticity
Taken for a Ride
6.1 Defining and Measuring Elasticity
Calculating the Price Elasticity of Demand
An Alternative Way to Calculate Elasticities: The Midpoint Method
Economics in Action: Estimating Elasticities
6.2 Interpreting the Price Elasticity of Demand
How Elastic Is Elastic?
Price Elasticity Along the Demand Curve
What Factors Determine the Price Elasticity of Demand?
Economics in Action: Responding to Your Tuition Bill
6.3 Other Demand Elasticities
The Cross-Price Elasticity of Demand
The Income Elasticity of Demand
Economics in Action: Spending It
6.4 The Price Elasticity of Supply
Measuring the Price Elasticity of Supply
What Factors Determine the Price Elasticity of Supply?
Economics in Action: A Global Commodities Glut
6.5 An Elasticity Menagerie
Business Case: The Airline Industry: Fly Less and Charge More
Chapter 6 End of Chapter
Chapter 6 Summary
Chapter 6 Key Terms
Chapter 6 Practice Questions
Chapter 6 Problems
Chapter 6 Appendix: The Algebra of Elasticity
Price Elasticity of Demand
Income Elasticity of Demand
Cross-Price Elasticity of Demand
Elasticity of Supply
Chapter 7: Taxes
An Aboriginal Tax Conflict
7.1 The Economics of Taxes: A Preliminary View
The Effect of an Excise Tax on Quantities and Prices
Price Elasticities and Tax Incidence
Economics in Action: Who Pays Canada’s Payroll Taxes?
7.2 The Benefits and Costs of Taxation
The Revenue from an Excise Tax
Tax Rates and Revenue
The Costs of Taxation
Elasticities and the Deadweight Loss of a Tax
Economics in Action: Taxing Tobacco
7.3 Tax Fairness and Tax Efficiency
Two Principles of Tax Fairness
Equity versus Efficiency
Economics in Action: Federal Tax Philosophy
7.4 Understanding the Tax System
Tax Bases and Tax Structure
Equity, Efficiency, and Progressive Taxation
Taxes in Canada
Different Taxes, Different Principles
Economics in Action: Provincial Tax Choices
Business Case: A Welcome Tax Hike: Microsoft Raises Its Internal Carbon Tax
Chapter 7 End of Chapter
Chapter 7 Summary
Chapter 7 Key Terms
Chapter 7 Practice Questions
Chapter 7 Problems
Chapter 8: International Trade
The Everywhere Phone
8.1 Comparative Advantage and International Trade
Production Possibilities and Comparative Advantage, Revisited
The Gains from International Trade
Comparative Advantage versus Absolute Advantage
Popular Misconceptions Arising from Misunderstanding Comparative Advantage
Sources of Comparative Advantage
Economics in Action: How Hong Kong Lost Its Shirts
8.2 Supply, Demand, and International Trade
The Effects of Imports
The Effects of Exports
International Trade and Wages
Economics in Action: The China Shock
8.3 The Effects of Trade Protection
The Effects of a Tariff
The Effects of an Import Quota
Economics in Action: The Steel Tariffs of 2018–2019
8.4 The Political Economy of Trade Protection
Arguments for Trade Protection
The Politics of Trade Protection
International Trade Agreements and the World Trade Organization
Challenges to Globalization
Economics in Action: Trade War, What Is It Good For?
Business Case: Li & Fung: From Guangzhou to You
Chapter 8 End of Chapter
Chapter 8 Summary
Chapter 8 Key Terms
Chapter 8 Practice Questions
Chapter 8 Problems
Chapter 9: Decision Making by Individuals and Firms
Making Decisions in Good Times and Bad
9.1 Costs, Benefits, and Profits
Explicit versus Implicit Costs
9.2 Accounting Profit versus Economic Profit
Making “Either–Or” Decisions
Economics in Action: Airbnb and the Rising Cost of Privacy
9.3 Making “How Much” Decisions: The Role of Marginal Analysis
Marginal Cost
Marginal Benefit
Marginal Analysis
A Principle with Many Uses
A Preview: How Consumption Decisions Are Different
Economics in Action: The Cost of a Life
9.4 Sunk Costs
Economics in Action: Biotech: The World’s Biggest Loser
9.5 Behavioural Economics
Rational, but Human, Too
Irrationality: An Economist’s View
Rational Models for Irrational People?
Economics in Action: In Praise of Hard Deadlines
Business Case: Costco Canada Wins over Customers
Chapter 9 End of Chapter
Chapter 9 Summary
Chapter 9 Key Terms
Chapter 9 Practice Questions
Chapter 9 Problems
Chapter 9 Appendix: How to Make Decisions Involving Time: Understanding Present Value
How to Calculate the Present Value of a One-Year Project
How to Calculate the Present Value of Multiyear Projects
How to Calculate the Present Value of Projects with Revenues and Costs
Chapter 10: The Rational Consumer
The Absolute Last Bite
10.1 Utility: Getting Satisfaction
Utility and Consumption
The Principle of Diminishing Marginal Utility
Economics in Action: Is Salmon a Luxury? It Depends
10.2 Budgets and Optimal Consumption
Budget Constraints and Budget Lines
Optimal Consumption Choice
Economics in Action: The Great Condiment Craze
10.3 Spending the Marginal Dollar
Marginal Utility per Dollar
Optimal Consumption
Economics in Action: Buying Your Way Out of Temptation
10.4 From Utility to the Demand Curve
Marginal Utility, the Substitution Effect, and the Law of Demand
The Income Effect
Economics in Action: Lower Gasoline Prices and the Urge to Splurge
Business Case: Beyond Impossible: McDonald’s and Burger King’s Beef-Free Battle

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