Principles of Microeconomics 1st edition by Betsey Stevenson, Justin Wolfers – Ebook PDF Instant Download/Delivery: 1464186943 , 9781464186943
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ISBN 10: 1464186943
ISBN 13: 9781464186943
Author: Betsey Stevenson, Justin Wolfers
Betsey Stevenson and Justin Wolfers present a new synthesis of economic principles for a new generation of students. Their focus on useful economics employs compelling explanations and real-life examples to help students develop economic intuition and apply it to everyday decisions. The authors provide a fresh take on a wide range of principles topics and develop macroeconomics from its microfoundations in an engaging presentation that has drawn enthusiastic reviews from hundreds of instructors and thousands of students in pre-publication class-tests. This text is available in Achieve, a new, integrated online learning system that features powerful tools for each step of the Learning Path: pre-class, in-class, and post-class.
Principles of Microeconomics 1st Table of contents:
Part I: Foundations of Economics
Chapter 1: The Core Principles of Economics
1.1 A Principled Approach to Economics
The Economic Approach
A Systematic Framework for Making Decisions
1.2 The Cost-Benefit Principle
Quantifying Costs and Benefits
Maximize Your Economic Surplus
Focus on Costs and Benefits, Not How They’re Framed
Applying the Cost-Benefit Principle
1.3 The Opportunity Cost Principle
Opportunity Costs Reflect Scarcity
Calculating Your Opportunity Costs
The “Or What?” Trick
How Entrepreneurs Think About Opportunity Cost
You Should Ignore Sunk Costs
Applying the Opportunity Cost Principle
The Production Possibility Frontier
Recap: Evaluating Either/Or Decisions
1.4 The Marginal Principle
When Is the Marginal Principle Useful?
Using the Rational Rule to Maximize Your Economic Surplus
Applying the Rational Rule
1.5 The Interdependence Principle
Interdependency One: Dependencies Between Your Own Choices
Interdependency Two: Dependencies Between People (or Businesses)
Interdependency Three: Dependencies Between Markets
Interdependency Four: Dependencies Over Time
What Else?
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 2: Demand: Thinking Like a Buyer
2.1 Individual Demand: What You Want, at Each Price
An Individual Demand Curve
The Law of Demand
2.2 Your Decisions and Your Demand Curve
Choosing the Best Quantity to Buy
The Rational Rule for Buyers
How Realistic Is This Theory of Demand?
2.3 Market Demand: What the Market Wants
From Individual Demand to Market Demand
The Market Demand Curve Is Downward-Sloping
Movements Along the Demand Curve
2.4 What Shifts Demand Curves?
The Interdependence Principle and Shifting Demand Curves
Six Factors Shifting the Demand Curve
2.5 Shifts versus Movements Along Demand Curves
Movements Along the Demand Curve
Shifts in Demand
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 3: Supply: Thinking Like a Seller
3.1 Individual Supply: What You Sell, at Each Price
An Individual Supply Curve
The Law of Supply
3.2 Your Decisions and Your Individual Supply Curve
Setting Prices in Competitive Markets
Choosing the Best Quantity to Supply
The Rational Rule for Sellers in Competitive Markets
Rising Marginal Cost Explains Why Your Supply Curve Is Upward-Sloping
How Realistic Is This Theory of Supply?
3.3 Market Supply: What the Market Sells
From Individual Supply to Market Supply
The Market Supply Curve Is Upward-Sloping
Movements Along the Supply Curve
3.4 What Shifts Supply Curves?
The Interdependence Principle and Shifting Supply Curves
Five Factors Shifting the Supply Curve
3.5 Shifts versus Movements Along Supply Curves
Movements Along the Supply Curve
Shifts in Supply
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 4: Equilibrium
4.1 Understanding Markets
What Is a Market?
How Markets Are Organized
4.2 Equilibrium
Supply Equals Demand
Getting to Equilibrium
Figuring Out Whether Markets Are in Equilibrium
4.3 Predicting Market Changes
Shifts in Demand
Shifts in Supply
Predicting Market Outcomes
When Both Supply and Demand Shift
Interpreting Market Data
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Part II: Analyzing Markets
Chapter 5: Elasticity: Measuring Responsiveness
5.1 Price Elasticity of Demand
Measuring Responsiveness of Demand
Determinants of the Price Elasticity of Demand
Calculating the Price Elasticity of Demand
5.2 How Businesses Use Demand Elasticity
Elasticity and Revenue
Elasticity and Business Strategy
5.3 Other Demand Elasticities
Cross-Price Elasticity of Demand
Income Elasticity of Demand
5.4 Price Elasticity of Supply
Measuring Responsiveness of Supply
Determinants of the Price Elasticity of Supply
Calculating the Price Elasticity of Supply
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 6: When Governments Intervene in Markets
6.1 How Taxes and Subsidies Change Market Outcomes
A Tax on Sellers
A Tax on Buyers
The Statutory Burden and Tax Incidence
The Economic Burden of Taxes
A Three-Step Recipe for Evaluating Taxes
Analyzing Subsidies
6.2 Price Regulations
Price Ceilings: When Regulation Forces Lower Prices
Price Floors: When Regulation Forces Higher Prices
6.3 Quantity Regulations
Quotas
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 7: Welfare and Efficiency
7.1 Evaluating Public Policies
Positive and Normative Policy Analysis
Efficiency and Equity
7.2 Measuring Economic Surplus
Consumer Surplus
Producer Surplus
Voluntary Exchange and Gains from Trade
7.3 Market Efficiency
Question One: Who Makes What?
Question Two: Who Gets What?
Question Three: How Much Gets Bought and Sold?
7.4 Market Failure and Deadweight Loss
Market Failure
Deadweight Loss
Market Failure versus Government Failure
7.5 Beyond Economic Efficiency
Critiques of Economic Efficiency
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 8: Gains from Trade
8.1 Gains from Trade
8.2 Comparative Advantage
Introducing Comparative Advantage
Comparative Advantage in Action
Markets Facilitate Gains from Trade
Comparative Advantage Drives International Trade
8.3 Prices Are Signals, Incentives, and Information
Role One: A Price Is a Signal
Role Two: A Price Is an Incentive
Role Three: A Price Aggregates Information
8.4 How Managers Can Harness Market Forces
Internal Markets Allocate Resources
Internal prediction markets can improve your forecasts.
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Part III: Applications and Policy Issues
Chapter 9: International Trade
9.1 Comparative Advantage Is the Foundation of International Trade
Comparative Advantage and International Trade
What Gets Traded?
Choosing Your Trading Partners: Sources of Comparative Advantage
9.2 How International Trade Shapes the Economy
The World Market
The Effects of Imports
Imports Raise Economic Surplus
The Effects of Exports
Exports Raise Economic Surplus
Who Wins, and Who Loses? The Politics of International Trade
9.3 The Debate About International Trade
Five Arguments for Limiting International Trade
An Intuitive Approach to the International Trade Debate
9.4 International Trade Policy
Tools of Trade Policy
Current Trade Policy
9.5 Effects of Globalization
Globalization and the Labor Market
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 10: Externalities and Public Goods
10.1 Identifying Externalities
Types of Externalities
The Conflict Between Private Interest and Society’s Interest
10.2 The Externality Problem
The Rational Rule for Society
Consequences of Negative Externalities
Consequences of Positive Externalities
10.3 Solving Externality Problems
Solution One: Private Bargaining and the Coase Theorem
Solution Two: Corrective Taxes and Subsidies
Solution Three: Cap and Trade
Solution Four: Laws, Rules, and Regulations
10.4 Public Goods and the Tragedy of the Commons
Public Goods and the Free-Rider Problem
Solution Five: Government Support for Public Goods
Solution Six: Assign Ownership Rights for Common Resource Problems
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 11: The Labor Market
11.1 The Labor Market: Supply and Demand at Work
11.2 Labor Demand: Thinking Like an Employer
How Many Workers Should You Hire at What Price?
The Rational Rule for Employers
Analyzing Labor Demand Shifts
Will Robots Take Your Job?
11.3 Labor Supply: How to Balance Work and Leisure
Your Individual Labor Supply: Allocating Your Time Between Labor and Leisure
The Rational Rule for Workers
The Extensive Margin: Choose Whether or Not to Work
Choosing Your Occupation
The Market Labor Supply Curve
Analyzing Labor Supply Shifts
11.4 Changing Economic Conditions and Labor Market Equilibrium
A Three-Step Recipe
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 12: Wages, Workers, and Management
12.1 Labor Demand: What Employers Want
Human Capital
Efficiency Wages
The Market for Superstars
12.2 Labor Supply: What Workers Want
Compensating Differentials
12.3 Institutional Factors That Explain Why Wages Vary
Government Regulations
Unions and Workers’ Bargaining Power
Monopsony and Employers’ Bargaining Power
12.4 How Discrimination Affects Wages
Measuring Discrimination
Types of Discrimination
12.5 Personnel Economics
Ensure Your Workers Have the Right Skills for the Job
Motivate Your Workers with Incentives
Shape Your Corporate Culture
Offer the Right Benefits
Attract the Best Workers
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 13: Inequality, Social Insurance, and Redistribution
13.1 Measuring Inequality
Income Inequality
Alternative Measures of Inequality
13.2 Poverty
Defining Poverty
Absolute versus Relative Poverty
The Incidence of Poverty in the United States
13.3 Social Insurance, the Social Safety Net, and Redistributive Taxation
The Social Safety Net
Social Insurance Programs
The Tax System
13.4 The Debate About Income Redistribution
The Economic Logic of Redistribution
The Costs of Redistribution: The Leaky Bucket
The Trade-Off Between Efficiency and Equality
Fairness and Redistribution
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Part IV: Market Structure and Business Strategy
Chapter 14: Market Structure and Market Power
14.1 Monopoly, Oligopoly, and Monopolistic Competition
Perfect Competition
Monopoly: No Direct Competitors
Oligopoly: Only a Few Strategic Competitors
Monopolistic Competition: Many Competitors Selling Differentiated Products
Market Structure Determines Market Power
Five Key Insights into Imperfect Competition
14.2 Setting Prices When You Have Market Power
Your Firm Demand Curve
Your Marginal Revenue Curve
The Rational Rule for Sellers
14.3 The Problem with Market Power
Market Power Leads to Worse Outcomes
Increasing Competition Can Lead to Better Outcomes
14.4 Public Policy to Restrain Market Power
Laws to Ensure Competition Thrives
Laws to Minimize the Harm from Exercising Market Power
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 15: Entry, Exit, and Long-Run Profitability
15.1 Revenues, Costs, and Economic Profits
Economic Profit versus Accounting Profit
Average Revenue, Average Cost, and Your Profit Margin
15.2 Free Entry and Exit in the Long Run
Entry Decreases Demand and Your Profits
Exit Increases Demand and Your Profits
Economic Profits Tend to Zero
Price Equals Average Cost
15.3 Barriers to Entry
Demand-Side Strategies: Create Customer Lock-In
Supply-Side Strategies: Develop Unique Cost Advantages
Regulatory Strategy: Government Policy
Entry Deterrence Strategies: Convince Your Rivals You’ll Crush Them
Overcoming Barriers to Entry
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 16: Business Strategy
16.1 The Five Forces That Determine Business Profitability
Five Forces Framework
Force One—Existing Competitors: Intensity and Type of Existing Competition
Force Two—Potential Competitors: Threat of Entry
Force Three—Competitors in Other Markets: Threat of Potential Substitutes
Force Four—Bargaining Power of Suppliers
Force Five—Bargaining Power of Buyers
Recap: The Five Forces and the Path Ahead
16.2 Non-Price Competition: Product Positioning
The Importance of Product Differentiation
Positioning Your Product
The Role of Advertising
16.3 Bargaining Power of Buyers and Sellers
Bargaining Power
The Hold-Up Problem
Contract Theory
What Should You Make, and What Should You Buy?
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 17: Sophisticated Pricing Strategies
17.1 Price Discrimination
Price Discrimination
The Efficiency of Price Discrimination
Conditions for Price Discrimination
17.2 Group Pricing
Setting Group Prices
How to Segment Your Market
17.3 The Hurdle Method
Alternative Versions and Timing
Shopping Around
Extra Hassle, Bad Service, and Imperfect Goods
Quantity Discounts
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 18: Game Theory and Strategic Choices
18.1 How to Think Strategically
Introducing Game Theory
The Four Steps for Making Good Strategic Decisions
18.2 The Prisoner’s Dilemma and the Challenge of Cooperation
Understanding the Prisoner’s Dilemma
Nash Equilibrium
The Prisoner’s Dilemma and the Failure of Cooperation
Examples of the Prisoner’s Dilemma
18.3 Multiple Equilibria and the Problem of Coordination
Coordination Games
Examples of Coordination Games
Anti-Coordination Games
Good and Bad Equilibria
Solving Coordination Problems
18.4 Advanced Strategy: First and Second Mover Advantages
Games That Play Out Over Time
Using Tree Logic
First-Mover Advantage versus Second-Mover Advantage
18.5 Advanced Strategy: Repeated Games and Punishments
Collusion and the Prisoner’s Dilemma
Finitely Repeated Games
Indefinitely Repeated Games
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Part V: Advanced Decisions
Chapter 19: Decisions Involving Uncertainty
19.1 Risk Aversion
Understanding Risk
Diminishing Marginal Utility
The Risk-Reward Trade-off
Expected Utility
19.2 Reducing Risk
Strategy One: Risk Spreading—Transforming Big Risks into Small Risks
Strategy Two: Diversification
Strategy Three: Insurance
Strategy Four: Hedging—Offsetting Risks
Strategy Five: Gathering Information to Reduce Risk
19.3 Behavioral Economics: How People Make Mistakes Around Uncertainty
Overconfidence
Problems Assessing Probability
Problems Evaluating Payoffs
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Chapter 20: Decisions Involving Private Information
20.1 Adverse Selection When Sellers Know More Than Buyers
Hidden Quality and the Risk of Getting a Lemon
Adverse Selection and Your Ability to Buy High-Quality Products
Solutions to Adverse Selection of Sellers
20.2 Adverse Selection When Buyers Know More Than Sellers
Hidden Quality and the Risk of Getting High-Cost Customers
Solutions to Adverse Selection of Buyers
20.3 Moral Hazard: The Problem of Hidden Actions
Hidden Actions and Your Decisions
Moral Hazard in Relationships: The Principal-Agent Problem
Solving Moral Hazard Problems
Tying It Together
Chapter at a Glance
End of Chapter
Key Concepts
Discussion and Review Questions
Study Problems
Glossary
Index
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